Combating illegal money exchange activities and maintaining the stability of the financial system

MACAU, March 12 - The Monetary Authority of Macao (AMCM) recently received reports that several shops in Macao which mainly sold products to non-resident workers were suspected of providing illegal money exchange and remittance services to the public. The AMCM, with the assistance of the Judiciary Police, recently conducted investigations at six shops located at various areas of Macao. Initial investigations found that certain shops used overseas mobile wallets or bank accounts to illegally remit abroad foreign currencies converted from the MOP received from customers.

According to Law No. 13/2023, the Financial System Act of Macao, only authorized financial institutions are allowed to carry out regulated financial activities in Macao. Any person or entity engaging in these activities without authorization is in breach of the Act and constitutes a serious administrative violation which may be punishable by a fine from MOP0.5 million to MOP5 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 MOP10 million may be imposed.

The AMCM will continue combating illegal financial activities to ensure the stability and order of the financial system and reiterates that the public should conduct financial activities through authorized financial institutions to avoid falling into scams or incurring unnecessary losses.