The Monetary Authority of Macao (AMCM) recently received reports that several local shops that mainly sold products to non-resident workers were suspected of providing illegal money exchange and remittance services to the public.
With the assistance of Judiciary Police (PJ), AMCM recently conducted investigations at six shops located at various areas of Macau, with initial investigations finding out that certain shops used overseas mobile wallets or bank accounts to illegally remit abroad foreign currencies converted from the Macau Pataca received from customers, according to a press release issued by AMCM.
According to Law No. 13/2023, the Financial System Act of Macau, only authorised financial institutions are allowed to carry out regulated financial activities in the SAR. Any person or entity engaging in these activities without authorisation is in breach of the Act and constitutes a serious administrative violation which may be punishable by a fine from MOP 0.5-5 million. If the illegal activities seriously disrupt the stability of the financial system or the normal operation of the financial market, a fine of up to MOP 10 million may be imposed, the press release has pointed out.
Source and Photo: AMCM
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