To protect the legal interests of financial institutions and holders of Mainland bankcards, 1,040 ATMs in Macao have already been installed with KYC function. Holders of Mainland issued CUP, Visa, Master, American Express, JCB, Diners Club and Discover cards can go through the normal cash withdrawal process through ATMs with “KYC ATM” logo after their respective identities are verified. The relevant withdrawal services have been running smooth and irregular withdrawal activities have been stopped since the implementation of the above measures, promoting the security of the financial system of Macao.
The Monetary Authority of Macao (AMCM) has implemented the KYC ATM measures since May 2017 and banks have been putting their ATMs with KYC techniques into service in stages so as to enhance the verification of cardholders’ identity as well as to ensure the normal operation of ATM cash withdrawals. Due to 8.23 Typhoon Hato, the KYC service of certain ATMs was once affected. Nevertheless, banks stepped up to resume the service while keeping the installation of KYC function moving forward. The AMCM has been striving to complete shortly the installation of KYC techniques at all ATMs with withdrawal function and extending the coverage to more types of Mainland bankcards. Up till now, about 90% of ATMs have KYC techniques installed. Holders of various Mainland bankcards can carry out cash withdrawals through ATMs with “KYC ATM” logo after their identities are verified with respective identity cards and facial recognition. The maximum amount of each withdrawal is MOP/HKD5,000. Holders of cards issued by banks of Macao and other jurisdictions are not affected.
To ensure the normal operation of ATM cash withdrawals by Mainland bankcards, the AMCM has proper system in place to continuously monitor the relevant withdrawal services. Meantime, the AMCM has been keeping close dialogues with banks for the purpose of promptly following up on any problems that may arise in implementation. Since the launch of the KYC ATM measures, the success rate of relevant cash withdrawals has reached 95%. While the legal interests of tourists who are conducting cash withdrawals through ATMs in Macao are protected, the normal cash withdrawals are not affected.