WALE’X ENTERPRISE SERVICES LIMITED (TC000910)

The Licensee has contravened:

1. Section 2 of Schedule 2 to the AMLO, namely, the Licensee has failed to take measures to verify the identity of its customers and their beneficial owners.

2. Section 5 of Schedule 2 to the AMLO, namely the Licensee has failed to continuously monitor the business relationships with its customers.

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 19(3) of Schedule 2 to the AMLO, namely, the Licensee has failed to establish and maintain effective procedures not inconsistent with the AMLO for the purpose of carrying out the duties under sections 3, 4, 5, 9, 10 and 15 of Schedule 2.

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$20,000 (Decision Date: 1 March 2024)

Statement of Disciplinary Action