AMCM urges brokerage firm to respond over HKD120 million unlicensed transactions – Macau Business

*By Therese Tu

The SARs Monetary Authority (AMCM) in an announcement today (Wednesday) it requested Bluemount Financial Group Limited (Bluemount Financial) to submit a written reply regarding the suspicion of illegally operating securities transactions amounting to nearly 120 million Hong Kong dollars for a year.

In the announcement, AMCM stated that they believe there are strong indications that Bluemount Financial engaged in financial intermediary activities, including investment transactions in bonds, stocks, funds and other kinds of securities without permission from December 2019 to November 2020, seeking customers and signing contracts with them in Macau with a total of 119,180,000 HK dollar investment.

According to relevant financial laws, the maximum fine for this act could be twice the benefit illegally obtained.

Bluemount Financial was established in Macau with two Hong Kong residents in charge of its business.

On April 8, 2020, AMCM announced that Bluemount Financial has never been granted a license to engage in any financial activities in the SAR.

According to Article 2 Paragraph 1 of the Macau Financial System Act, only licensed financial institutions can engage in financial activities in Macau. Any person or entity that engages in financial activities without permission would constitute particularly serious violation of the law referred in Article 122, paragraph 2, subparagraph b of the Macau Financial System Act and can be fined up to MOP 5 million.

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AMCM urges brokerage firm to respond over HKD120 million unlicensed transactions - Macau Business