AMCM warns of unlicensed financial services

The Monetary Authority of Macao (AMCM) has again called on the general public to be aware of unlicensed financial services providers in the territory, in order to avoid possible fraud and unnecessary financial loss.

The AMCM issued its warning in a statement over the weekend, following the discovery of at least two unauthorized companies attempting to enter the market.

The Monetary Authority said that one of the firms, named DPOEX, had not been authorized to operate in the Macau SAR. The firm’s website was unavailable when the Times tried to access it yesterday.

A second firm, called Asia International Securities Exchange, also had not received authorization to provide financial services in the territory. The AMCM said it had noticed the company was attempting to open a branch in Macau.

Pursuant to the Financial System Legal Framework, only duly authorized financial institutions may carry out financial activities in the Macau SAR. However, the unauthorized exercise by any person or entity of transactions reserved for supervised financial institutions constitutes a “serious infringement” and a fine of up to MOP5 million.

The AMCM again warns the public that they must conduct their financial transactions through authorized financial institutions in order to avoid fraud and unreasonable damage. DB