Financial Crime World

Here is the rewritten article in Markdown format:

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

==============================================

This guide provides a comprehensive overview of the key points related to AML and KYC regulations in Macao.

Verification Process

To ensure compliance with Macao’s regulations, End-users will be required to undergo a verification process. This includes:

Document Verification

  • End-users will be asked to provide identity documents, which will be verified using Shufti Pro’s Document Verification service.
  • The verification process includes checks on security features such as holograms, tapered edges, and microprinting.

Documents Considered as Proof of Identity

  • Valid passport
  • Current driving license
  • National Identity Card
  • Permanent Resident Identification Card
  • Non-Permanent Resident Identification Card

Address Verification

In addition to document verification, address verification is also required to ensure the End-user’s address is legitimate. The following documents are accepted as proof of address:

Documents Considered as Proof of Address

  • Current utility bill (gas, electricity, telephone or mobile phone)
  • Document issued by a government department that shows the End-user’s address
  • Bank statement (no older than 3 months)

Timing of Verification

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

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

As per the Enhanced Due Diligence requirements under Macao’s regulations, you are required to determine if your Customer is a Politically Exposed Person or exhibits a higher risk profile. Shufti Pro provides AML Screening services to help fulfill these obligations.

Reliance on External Services

Macao’s regulations state that you may seek the services of a third party to apply measures of due diligence. However, you remain liable for maintaining all such compliance and fulfilling AML and KYC obligations.

Record Retention

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