In order to protect Macau’s financial system and the interests of cardholders whose bank cards have been issued in the mainland, all ATM machines in Macau will have Know Your Customer (KYC), a compliance feature, the government announced yesterday.
According to Wikipedia, KYC is a process of a business identifying and verifying the identity of its clients. It also refers to the banking and anti-money laundering regulations which govern these activities.According to a statement by the Government Spokesperson’s Office, the government will strengthen the supervision of mainland bank cardholders’ ATM transactions. The statement also said KYC features will soon be installed at all ATM machines in the city.
This photo taken yesterday at a bank in Taipa shows an ATM machine with the new Know Your Customer (KYC) technology installed. – Photo: Annie Cheung
