Competence Assessment for Money Service Operators

Under the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance ("the AMLO"), a person who wishes to operate a remittance and / or money changing service (i.e. money service as defined under the AMLO) is required to apply for a licence from the Commissioner of Customs & Excise ("CCE").

Obtaining a Money Service Operators ("MSO") Licence in Hong Kong

Remittance service

Means a service of one or more of the following that is operated in Hong Kong as a business:
  1. sending, or arranging for the sending of, money to a place outside Hong Kong
  2. receiving, or arranging for the receipt of, money from a place outside Hong Kong
  3. arranging for the receipt of money in a place outside Hong Kong

Money changing service

Means a service for exchanging of currencies that is operating in Hong Kong as a business, but not include those service that is incidental to the main business.
e.g. retail business accepting foreign currencies in transactions or that is operated by a person who manages a hotel if the service
  1. is operated within the premises of the hotel primarily for the convenience of guests of the hotel; and
  2. consists solely of transactions for the purchase by that person of non‐Hong Kong currencies in exchange for Hong Kong currency
Normally, the Money Service Operators (“MSO”) License has a validity period of 2 years. According to licensing requirements, at least one member of the senior management of a licence applicant / a licensee must attend the Competence Assessment.

Competence Assessment

Meeting with the officers of the C&ED is part of license application and processing process. With a view to ensuring that the applicant can fully understand and fulfil the obligations of an MSO licensee, the applicant will be briefed on the statutory licensing and compliance requirements applicable to MSOs.
An appointment letter for the Assessment will be sent to the applicant. The eligible person(s) nominated for the Assessment must attend the Assessment at the specified date, time and centre.
*C&ED : Hong Kong Customs and Excise Department
The result of the Assessment will be one of the factors that the CCE considers relevant in determining whether the applicant is fit and proper to operate the business of a money service. Failure to attend the designated session of the Assessment may result in refusal of the licence application.
Therefore, I could say mock training is a key to lead the application to success.

Our services - Mock Questions

Practice mock questions are including:
  1. General knowledge on AML/CFT and Counter Proliferation Financing
  2. Part 1-7 of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO)
  3. Schedules to the AMLO
  4. Guidelines promulgated by the C&ED
  5. MSO's systems and controls
    • Institutional governance and strategy
    • AML/CFT control areas
    • Demonstrating and monitoring compliance
Practice mock questions, not only to be familiar with the types of questions, but more importantly to accumulate test-taking skills and understand the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance.
For more information of《 Mock Questions 》, please contact our corporate service manager by e-mail to info@atrixbiz.com.

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