NEW HONGKONG INTERNATIONAL BUSINESS CO., LIMITED (TC005484)

The Licensee has contravened:

1. Section 2(1)(a) of Schedule 2 to the AMLO.

2. Section 9 of Schedule 2 to the AMLO.

3. Section 19(1) of Schedule 2 to the AMLO, namely, the Licensee has failed to establish and maintain effective procedures for determining whether a customer or a beneficial owner of a customer is a politically exposed person.

4. Section 20 of Schedule 2 to the AMLO on the record-keeping requirements.

5. Section 23 of Schedule 2 to the AMLO, namely, the Licensee has failed to take all reasonable measures to ensure that proper safeguards exist to prevent a contravention of any requirement under Part 2 or 3 of Schedule 2; and to mitigate money laundering and terrorist financing risks.

Public reprimand and imposition of a pecuniary penalty of HK$15,000 (Decision Date: 30 October 2023)

Statement of Disciplinary Action