Macao Enhances Anti-Money Laundering Efforts with Know Your Customer Guidelines
Macao’s Financial Intelligence Office Strengthens Fight Against Money Laundering
The Financial Intelligence Office (GIF) of Macao has taken a significant step to strengthen its anti-money laundering efforts by installing Know Your Customer (KYC) security feature in the city’s ATMs. This move will enable the government to exchange information on suspicious transactions and money laundering with mainland authorities more effectively.
Implementation of KYC Requirements
The installation of KYC is part of Macao’s obligations as a member of the Asia/Pacific Group on Money Laundering (APG). The measure requires holders of bank cards issued in the mainland to show their identity card for face recognition when withdrawing cash from ATMs in Macau.
- 834 local ATMs have been installed with KYC
- Those without the feature ceased to provide cash withdrawal services to holders of bank cards issued in the mainland from Tuesday
Compliance with International Standards
The implementation of KYC will also help Macao to comply with international standards on anti-money laundering and counter-terrorism finance measures.
Cross-Border Cash Declaration System
Macao will start implementing its cross-border cash declaration system at the end of the year, which is in line with international practice. This move is a significant step towards strengthening Macao’s anti-money laundering efforts.
Collaboration with Global Financial Intelligence Units
The Egmont Group, a global body of financial intelligence units, has been in Macao to discuss ways to combat money laundering and other financial crimes. The group’s plenary meeting, which ends today, is being attended by representatives from 154 countries.
Conclusion
Macao’s efforts to enhance its anti-money laundering measures demonstrate the government’s commitment to combating financial crimes. The implementation of KYC and the cross-border cash declaration system will help Macao to comply with international standards and strengthen its fight against money laundering.