Hong Kong Monetary Authority Warns Against Unauthorized Banking Activities

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

Image
source:
Shutterstock