Real-time monitoring system of Mainland bank cards

With the aim to promote security and sustainable development of the financial system of the Macao SAR, the Monetary Authority of Macao (AMCM) has been cooperating with international and Mainland supervisory authorities to combat illegal cross-border financial activities and money laundering. In order to avoid or mitigate the possible negative impact as a result of those illegal activities, AMCM has requested Macao banks/acquirers to implement enhanced due diligence, ongoing monitoring and enhanced training to merchants, as well as to the regular submission of information on high-risk merchants and the timely notification of suspicious transactions of merchants. To follow up the consensus reached in the joint meeting of last year, AMCM will be implementing the new “real-time monitoring system of Mainland bank cards” on high-risk merchants. In this connection, AMCM has organized an explanatory session on 11 December 2015. The initial phase of the real-time monitoring system will be implemented on high-risk merchants near casinos, most of which are jewellery and watches merchants. The real-time monitoring system will be extended to other high-risk merchants selling high-value products in the second phase. In view of the comparatively high turnover incurred, China Union Pay cards related transaction will be focused at the initial stage. The focus will be extended to other bank cards such as Visa, Master at a later stage. The real-time monitoring system is designed with the aim to verify the genuine relationship between card holder and the bank card in the process of acquiring goods or services in order to protect the lawful rights and interests of cardholders, merchants and banks. The implementation of the real-time monitoring system is going to help Macao fulfill the relevant responsibilities as a member of the Asia Pacific Group on Money Laundering (APG), a Financial Action Task Force (FATF) -Style Regional Body, in particular, to strengthen the Know Your Customers (KYC) procedures on customers of high-risk transactions.