FMA impersonated in suspected money remittance scam

The FMA is warning the public that it is aware of a case where scammers have been impersonating the FMA while operating a scam relating to money remittance services.

The victim had tried to transfer a significant amount of money from China to New Zealand but were told by the person, they engaged to arrange the transfer, that their money had been “frozen” by the FMA due to money laundering concerns. They were then contacted by two persons who claimed to be from the FMA and instructed the victim to make additional payments to release the original funds.

The FMA advises that it does not undertake the activities described above and would never ask inidividuals or entities for money in relation to such activities or transactions. Specifically, the FMA would not freeze money being transferred into New Zealand, and would not request any person to make additional payments to release the original funds.