FINETUNE CORPORATE SERVICES LIMITED (TC005925)

The Licensee has contravened:

1. 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.

2. 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.

3. Section 20(1)(b)(i) of Schedule 2 to the AMLO, namely, the Licensee has failed to keep in relation to each customer, the original or a copy of the documents, and a record of the data and information, obtained in the course of identifying and verifying the identity of the customer or any beneficial owner of the customer in accordance with Part 2 of Schedule 2 to the AMLO.

4. 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.

Imposition of a pecuniary penalty of HK$8,000 (Decision Date: 5 April 2024)

Statement of Disciplinary Action