Hong Kong Monetary Authority: Condemns Convoy Financial Holdings and fines them 1.6 million Hong Kong dollars.

The Hong Kong Monetary Authority announced today that it has completed the investigation and disciplinary proceedings against SSS Financial Services Limited in accordance with the Payment Regulations. The Financial Management Commissioner has reprimanded SSS Financial and fined them 1.6 million Hong Kong dollars. The investigation found that SSS Financial did not establish sound and appropriate control systems from December 1, 2019 to August 31, 2023, to comply with relevant sections of the Anti-Money Laundering and Counter-Financing of Terrorism Guideline.