SUSPICIOUS ACTIVITY REPORTING IN MACAO: ENTITIES REQUIRED TO COMPLY WITH LAWS ON MONEY LAUNDERING

The Monetary Authority of Macao has outlined specific entities that are mandated to report suspicious transactions under the law on prevention and repression of money laundering crimes.

Entities Required to Report Suspicious Activity

According to Article 6 of Law no. 2/2006, amended by Law no. 3/2017, the following businesses must establish control systems for customer due diligence purposes and report any detected suspicious activity:

• Gaming Industry: Entities that operate games of chance, lotteries, mutual bets, and promoters of games of chance in casinos, which fall under the purview of the Gaming Inspection and Coordination Bureau.
• High-Value Goods Traders: Traders who deal in high-value goods such as pawned objects, precious metals, precious stones, and luxury vehicles.
• Real Estate Intermediaries: Entities involved in real estate intermediary activities or buying real estate for resale.
• Financial Professionals: Professionals such as:
  • Lawyers
  • Solicitors
  • Notaries
  • Registrars
  • Auditors
  • Accountants
  • Tax advisers who participate in various financial transactions including the buying and selling of real property, managing client funds, and organizing company formations.
• Service Providers: Providers of services that involve:
  • Forming legal persons
  • Acting as directors or secretaries
  • Providing registered offices
  • Carrying out other measures necessary for a third party to act on behalf of another person

These entities play a crucial role in the financial system and must adhere to the laws on money laundering to prevent illicit activities and maintain a safe and transparent financial environment in Macao.