The Know Your Customer (KYC) security feature had been installed in 680 local ATMs by Monday, according to a statement by the Secretariat for Economy and Finance yesterday.
According to Wikipedia, KYC is a process of a business identifying and verifying the identity of clients. It also refers to the banking and anti-money laundering regulations which govern these activities.
The Macau Monetary Authority (AMCM) announced early last month that all local ATMs must install KYC in order to protect Macau’s financial system and the interests of cardholders whose bank cards have been issued in the mainland.
