The Monetary Authority takes disciplinary action against TNG (Asia) Limited for contravention of the Payment Systems and Stored Value Facilities Ordinance

The Hong Kong Monetary Authority (HKMA) announced today (18 December) that it had completed an investigation and disciplinary proceedings for TNG (Asia) Limited (TNG) under the Payment Systems and Stored Value Facilities Ordinance (Chapter 584 of the Laws of Hong Kong) (PSSVFO). The Monetary Authority (MA) has reprimanded and ordered TNG to pay a pecuniary penalty of HK$1,575,000 for contravening section 8Q of the PSSVFO as it failed to fulfil the minimum criteria under sections 6(2)(b) (anti-money laundering and counter-terrorist financing measures) and 5(1)(d) (prudential and risk management) of Part 2 of Schedule 3 to the PSSVFO.

The disciplinary action (Note 1) follows an on-site examination and further investigation by the HKMA which found that:

In deciding the disciplinary action, the MA took into account all relevant circumstances and factors, including but not limited to:

Ms Carmen Chu, Executive Director (Enforcement and AML) of the HKMA, said, “Sound governance arrangement and internal control system, together with strong compliance awareness of management and staff members, are vital pillars of an effective risk management framework of SVF licensees. SVF licensees should make reference to, and provide adequate staff training on, the HKMA’s relevant guidelines and circulars in adopting appropriate governance systems and internal controls to manage the risks arising from their operations.”

Relevant link: Statement of Disciplinary Action

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