Macao’s Financial Security Enhanced: Over 90% of ATMs Now Equipped with KYC Function
Enhancing Financial Security in Macao
Macao, China - Macao’s financial security has been significantly boosted with over 90% of Automated Teller Machines (ATMs) bearing the KYC (Know Your Customer) function, as reported by the Monetary Authority of Macao (AMCM). This implementation is aimed at safeguarding the interests of both financial institutions and Mainland bankcard holders.
Upgraded ATMs Across the City
Over 1,040 ATMs in Macao have been upgraded with the KYC function, enabling regular cash withdrawals for CUP, Visa, Master, American Express, JCB, Diners Club, and Discover cardholders upon identity verification. The withdrawal services have been successful in quelling suspicious activities, ensuring the integrity of Macao’s financial system.
- Figure 1: KYC ATM Logo
Gradual Installation process
The AMCM initiated the KYC ATM measures in May 2017, resulting in a gradual installation process in banks’ ATMs. Installation has continued despite temporary setbacks, such as Typhoon Hato in 2017, with the ultimate goal being to implement KYC techniques at all ATMs with withdrawal functions and extending coverage to additional types of Mainland bankcards.
Identity Verification and Maximum Withdrawal
Holders of various Mainland bankcards can now carry out cash transactions through ATMs displaying the “KYC ATM” logo following identity verification via their respective identity cards and facial recognition. The maximum withdrawal amount is set at MOP/HKD5,000. Cardholders from banks outside Macao or other jurisdictions remain unaffected.
Monitoring the Cash Withdrawal Process
To maintain regular cash withdrawals by Mainland bankcards, the AMCM closely monitors withdrawal services through a sophisticated system. Open lines of communication with involved banks allow them to address any potential issues swiftly. The success rate for relevant cash withdrawals has reached an impressive 95%.
Maintaining Financial Security
The successful implementation of the KYC function at over 90% of Macao’s ATMs significantly enhances financial security, safeguarding the interests of both financial institutions and Mainland bankcard holders. By closely monitoring withdrawal services and maintaining open lines of communication, the AMCM ensures the security of users’ financial interests while preserving the normal cash withdrawal process.