Anti-Money Laundering and Counter-Terrorism Financing Regulations in Macau
Macau has implemented various regulations to prevent money laundering and financing terrorism. The following articles outline key points related to risk assessment, inter-property transactions, special requirements on negotiable instruments, and wire transfers.
Risk Assessment (Article 16)
The risk assessment is a critical component of Macau’s AML/CFT regulations. The authorities conduct this assessment for countries with high risks, including those identified by the Financial Action Task Force (FATF) or other international organizations.
- Countries under United Nations sanctions, embargoes, or high corruption are subject to heightened scrutiny.
- The risk assessment helps identify potential money laundering and terrorism financing threats, enabling the authorities to take targeted measures to prevent these activities.
Inter-Property Transactions (Article 17)
When conducting transactions between gaming concessionaires/sub-concessionaires and their related companies, legal rights and interests over funds or means of payment must be approved by the supervisory authority (DICJ).
- Enhanced due diligence is required to identify the source of funds and verify the identity of holders and beneficial owners.
- These measures help prevent money laundering and ensure that transactions are legitimate.
Special Requirements on Negotiable Instruments (Article 18)
The use of negotiable instruments by patrons, representatives, and beneficial owners must be subject to special monitoring.
- Individual financial transactions related to gaming contracts or other transactions involving negotiable instruments must be recorded individually.
- Addressees of the Instruction should maintain a register to document daily transactions associated with negotiable instruments.
- These measures help prevent money laundering and ensure that transactions are transparent.
Wire Transfers (Article 19)
Domestic and cross-border wire transfers of funds through financial institutions or authorized money service providers require specific information, including:
- Name of remitter (payer)
- Bank account number
- Beneficiary’s name
- Beneficiary’s bank account number
These articles highlight the importance of risk assessment, due diligence, and record-keeping in preventing money laundering and financing terrorism. Effective implementation of these regulations requires cooperation between financial institutions, regulatory bodies, and law enforcement agencies.
Note: This summary is based on the provided text, and it’s essential to consult the original documents for more detailed information on AML/CFT regulations in Macau.