Financial Crime World

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

Overview

This document serves as a compliance guide for Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations in Macao, specifically designed for the Shufti Pro platform.

Key Points

Identity Verification

  • Required Documents: Shufti Pro will verify the End-user’s identity by checking their documents, including:
    • Passport
    • Driving license
    • National Identity Card
    • Permanent Resident Identification Card
    • Non-Permanent Resident Identification Card

Address Verification

  • Methods: Shufti Pro will verify the End-user’s address using:
    • Utility bills (e.g., gas, electricity, telephone, or mobile phone bill)
    • Government-issued documents
    • Bank statements (no older than 3 months)

Timing of Verification

  • Ongoing Process: Identity verification is not limited to a one-time process and may be required in multiple instances as per regulations.

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

  • AML Screening Services: Shufti Pro provides AML Screening services to determine if the Customer is:
    • A Politically Exposed Person
    • Holding a public office
    • Exhibiting a higher risk profile

Reliance on External Services

  • Allowed: Macao’s regulations allow for reliance on third-party services for due diligence measures.
  • Entity Liability: The entity remains liable for maintaining compliance and fulfilling AML and KYC obligations.

Record Retention

  • Required: The entity is required to retain data for not less than 5 years as part of their AML and KYC obligations.