The Hong Kong Monetary Authority (HKMA) has issued a public warning about a firm conducting unauthorized banking activities. According to the HKMA, the firm in question, referenced on their website, lacks the necessary authorization under the Banking Ordinance to operate banking or deposit-taking businesses within Hong Kong.
Unauthorized Banking Operations
The HKMA has clarified that the firm does not possess the approval to establish a local representative office in Hong Kong. This warning comes in light of the firm’s activities, which include offering bank accounts and soliciting deposits from the public via the internet. The HKMA stresses the importance of verifying the legitimacy of any organization before transferring funds or sharing personal information.
Public Advisory
Given the global nature of the internet, the HKMA advises the public to be vigilant and confirm the status of any organization offering banking services online. The HKMA provides a list of authorized institutions on their official website. Members of the public can also check the status of any entity that appears to be soliciting deposits or presenting itself as a bank by contacting the HKMA’s public enquiry service via email.
For more detailed information, the public can visit the official HKMA website.
Hong Kong Monetary Authority
2 July 2024
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