The Monetary Authority of Macao (AMCM) alerts the public to the money transfer service from Macao to the Philippines being offered through a social media account “Oversea Mama PH”. Such account is not an authorised entity to carry out regulated financial activities in the Macao Special Administrative Region.
Pursuant to Paragraph 1 of Article 2 of the Financial System Act of Macao as approved by Decree-Law No. 32/93/M on 5 July 1993, only authorised financial institutions are allowed to carry out regulated financial activities in Macao. Any person or entity engaging in these activities without authorisation constitutes a “serious violation” under Paragraph 2(b) of Article 122 of Financial System Act of Macao and is subject to a fine of up to MOP5 million.
AMCM reiterates that the public should conduct financial activities through authorized institutions in order to avoid being scammed and unnecessary losses.View gallery