Macau warns against illicit “encashment”

The Macau Monetary Authority has warned the public against entities offering illegal “encashment” services in the territory.

In a statement, the authority said that individuals had been distributing posters promoting the services, using names such as Antash Pay or Suning encashments. The individuals had also been soliciting business through WeChat pay.

This is “causing serious danger and inconvenience to the public,” the authority said. It urged the public to carry out foreign exchange and lending operations through authorised institutions to avoid losses. 

Anyone caught engaging in such activities without the necessary authorisation may be liable for a fine of up to MOP5 million ($619,398), it said.