Bookmakers Accepted Millions In Bets Via FPS: Police
"); jQuery("#212 h3").html("
"); });
2020-11-09 HKT 21:27
Share this story
Police on Monday said they have neutralised an illegal bookmaking syndicate that allegedly collected debts through the popular online payment platform, Faster Payment System (FPS).
Officers say the syndicate had recruited jobless people in Sham Shui Po to open virtual bank accounts, and used those to collect bets via FPS.
The system – introduced by the Hong Kong Monetary Authority in 2018 – allows people to send and receive money instantly using just their mobile phone numbers or email addresses.
Officers say this is the first illegal bookmaking case thought to have used FPS in this way.
The force said 22 people, including the alleged mastermind, have been arrested, and some HK$10 million in cash and assets were seized. Officers say more arrests may be made later.
They believe the syndicate had collected around HK$500 million in illegal bets in just the past several months.
China To Inject US$44 Billion Into State Banks To Boost Tech And Curb Risks
China said it will inject 300 billion yuan (US$44 billion) into state-owned banks this year to guard against systemic r... Read more
Hong Kong Regulators Expand GenAI Sandbox To Insurance, Securities And MPF Sectors
The Hong Kong Monetary Authority (HKMA), Securities and Futures Commission (SFC), Insurance Authority (IA), and Mandato... Read more
South Korea To Cap Crypto Exchange Ownership At 20%
South Korean regulators and lawmakers have agreed to cap major shareholder stakes in cryptocurrency exchanges at 20%, d... Read more
DBS Hong Kong Partners With Know Your Customer To Automate SME Onboarding
Know Your Customer Limited, a provider of automated business verification solutions, has partnered with DBS Hong Kong t... Read more
Hong Kong Banks Extend Loan Repayment Relief For Tai Po Fire Victims
The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) have met to discuss additional su... Read more
Hong Kong And Macao Deepen Financial Cooperation With Updated Agreement
The Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Macao (AMCM) held a meeting on March 3 to strengt... Read more