“Oversea Mama PH” not an authorized financial institution

February 28th, 2020

The Monetary Authority of Macao (AMCM) alerts the public to the money transfer service from Macao to the Philippines being offered through a social media account “Oversea Mama PH”.  Such account is not an authorised entity to carry out regulated financial activities in the Macao Special Administrative Region.

Pursuant to Paragraph 1 of Article 2 of the Financial System Act of Macao as approved by Decree-Law No. 32/93/M on 5 July 1993, only authorised financial institutions are allowed to carry out regulated financial activities in Macao.  Any person or entity engaging in these activities without authorisation constitutes a "serious violation" under Paragraph 2(b) of Article 122 of Financial System Act of Macao and is subject to a fine of up to MOP5 million.

AMCM reiterates that the public should conduct financial activities through authorized institutions in order to avoid being scammed and unnecessary losses.

Last revision: 2020-05-26 16:10:57