The Monetary Authority of Macao (AMCM), with assistance from the Judiciary Police, conducted investigations at six shops in the Horta e Costa, Central and Taipa areas following a complaint that they were providing illegal foreign exchange services to the public. Preliminary findings indicate that some shops may have converted Macao patacas received from customers into foreign currency using e-wallets or overseas bank accounts, facilitating illegal cross-border transfers. Under Law No. 13/2023 (Legal Regime of the Financial System), only authorised financial institutions may carry out financial activities in the Macao SAR, with unauthorised activity treated as a serious administrative offence punishable by fines of MOP 500,000 to MOP 5,000,000, rising to a maximum of MOP 10,000,000 where the conduct seriously disrupts financial stability or distorts the regular functioning of the financial market. AMCM said it will continue to combat illegal financial activities and urged the public to use authorised financial institutions to avoid fraud and unnecessary losses.
Monetary Authority of Macao 2026-03-12
Monetary Authority of Macao investigates six shops for suspected illegal money-changing and cross-border transfers
The Monetary Authority of Macao, assisted by the Judiciary Police, investigated six shops suspected of providing illegal foreign exchange services and facilitating cross-border transfers via e-wallets or overseas bank accounts. It reiterated that under Law No. 13/2023 only authorised financial institutions may conduct financial activities in Macao, with unauthorised activity subject to fines of MOP 500,000 to MOP 10,000,000, and urged the public to use authorised institutions.