Financial Crime World

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Anti-Money Laundering (AML) and Know Your Customer (KYC) Compliance in Macao

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As a financial institution operating in Macao, it is essential to comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Shufti Pro provides services to support these obligations, ensuring that organizations can efficiently and effectively manage their AML and KYC processes.

Requirements for End-User Address Verification

1. Document Requirements

  • A bank statement or other document showing the end-user’s address within the last 3 months is required.

Identity Verification Process

Timing of Verification

  • Identity verification is not limited to a one-time process and is required in multiple instances as per regulations.
  • The application and choice of when to deploy identity verification procedures depend on requirements and conveyance to Shufti Pro.

Enhanced Due Diligence (EDD) Measures for Politically Exposed Persons (PEPs)

1. PEP Screening

  • As per the Enhanced Due Diligence requirements under Macao’s regulations, you are required to determine if your customer is a PEP, holds a public office, or exhibits a higher risk profile.
  • Shufti Pro provides an AML Screening service that screens individual ID attributes against watchlists and databases.

Reliance on External Services

1. Third-Party Due Diligence

  • Macao’s regulations state that you may seek the services of a third party to apply measures of due diligence.
  • You are required to collect all such data (Due Diligence Information) from the third-party without undue delay.

Record Retention

1. Data Storage Requirements

  • As per Macao’s regulations, you are required to retain data for not less than 5 years as part of your AML and KYC obligations.

Shufti Pro: Supporting AML and KYC Compliance in Macao

Overall, Shufti Pro provides essential support services to help organizations comply with AML and KYC regulations in Macao. Their identity verification, PEP screening, and due diligence services ensure that financial institutions can efficiently manage their compliance obligations while maintaining the highest standards of customer due diligence.