Macao’s Financial Watchdogs Urged to Comply with Suspicious Activity Reporting Regulations
Importance of Suspicious Activity Reporting (SAR) in Macao’s Financial Sector
A recent review of Administrative Regulation no. 7/2006, as amended by Administrative Regulation no. 17/2017, highlights the significance of suspicious activity reporting (SAR) in Macao’s financial sector.
Background on SAR Regulations
According to the regulation:
- Various government agencies and professional bodies are required to issue guidelines to entities obliged to carry out customer due diligence measures and report suspicious transactions.
- These entities must submit SARs within two working days following the performance of such operations to the Gaming Inspection and Coordination Bureau (GIF).
- Failure to comply with these duties can result in significant fines, ranging from MOP10,000 to MOP5 million, depending on whether the offender is a natural or legal person.
Online System for Submitting SARs
The GIF has established an online system for submitting SARs, as well as standard reporting forms that must be used when filing suspicious transaction reports. These forms are available at:
- The reception counters of relevant supervisory authorities and professional bodies
- On their websites
Industry Experts’ Call to Action
Industry experts urge all reporting entities to follow the guidelines issued by relevant authorities and establish adequate customer due diligence measures and control systems to detect suspicious transactions.
“We take compliance with SAR regulations very seriously,” said a spokesperson for the GIF. “We encourage all reporting entities to familiarize themselves with our guidelines and submit suspicious transaction reports promptly to prevent financial crimes in Macao.”
Confidentiality Requirements for SARs
The GIF emphasizes that all SARs must be submitted confidentially, marked as such on the envelope, and using standard reporting forms.
As Macao continues to strengthen its anti-money laundering regulations, industry players are being reminded of their responsibility to uphold high standards of integrity and transparency in their operations.