Hong Kong Monetary Authority warns public about Perfect Money’s unauthorised banking activities

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29th September 2023 – (Hong Kong) The Hong Kong Monetary Authority (HKMA) has issued a warning to the public in Hong Kong regarding Perfect Money, a payment system mentioned on the website (https://perfectmoney.com/). The HKMA clarifies that Perfect Money does not possess the necessary authorization from the Monetary Authority (MA) under the Banking Ordinance to engage in banking activities or accept deposits in Hong Kong. Furthermore, Perfect Money has not obtained approval from the MA to establish a local representative office in Hong Kong under the Ordinance.

The HKMA emphasizes the importance of verifying the status of any organization that employs the Internet to offer bank accounts or solicit deposits from the public in Hong Kong. With the Internet’s global reach, it is crucial for individuals to conduct due diligence before transferring funds or providing personal information to such organizations.

To ensure the legitimacy of financial institutions, the HKMA provides a list of authorized institutions on its official website (www.hkma.gov.hk). Additionally, members of the public can verify the status of any entity that appears to be soliciting deposits or presenting itself as a bank or deposit-taking company in Hong Kong by reaching out to the HKMA’s public enquiry service via email at [email protected].