The Macau Monetary Authority (AMCM) said in a statement yesterday that the "Oversea Mama PH" money transfer service from Macau to the Philippines through a social media account "is not authorised to carry out regulated financial activities in the Macau Special Administrative Region" (MSAR).
According to an AMCM statement, only authorised financial institutions are allowed to carry out regulated financial activities in Macau," according to the Macau Financial System Law. The statement pointed out that any person or entity engaging in regulated financial activities without authorisation by the Macau Monetary Authority commits a "serious breach" of the Macau Financial System Law and is subject to a fine of up to 5 million (US$625,000) patacas.
Macau's quasi-central bank urged the public to conduct regulated financial activities only through authorised institutions in order to avoid being scammed and incur unnecessary losses.
