Ma­cau in­tro­duces new ATM rules

New Straits Times - - Business -

MA­CAU: Ma­cau’s govern­ment has stepped up mea­sures to curb money laun­der­ing in the world’s largest casino hub.

Hold­ers of China UnionPay Co cards is­sued by banks in China must show main­land iden­ti­fi­ca­tion cards and have their iden­ti­ties ver­i­fied through a fa­cial recog­ni­tion sys­tem for cash with­drawal at au­to­mated teller ma­chines (ATMs), ac­cord­ing to a govern­ment state­ment on Sun­day.

The tech­nol­ogy would be even­tu­ally ap­plied to all ATMs, fo­cus­ing on ones in casinos, ac­cord­ing to the state­ment.

“The govern­ment spares no ef­fort to im­ple­ment anti-money laun­der­ing and anti-ter­ror­ism rules,” it said.

The move is Ma­cau’s lat­est ef­fort to strengthen anti-money laun­der­ing rules in the ter­ri­tory, the only place in China where gam­bling is le­gal.

The ATM rules fol­low a ban last year that pro­hibits proxy bet­ting by telephone aimed at staunch­ing bets from gam­blers in China.

The ATM rules, which didn’t come with a time­line for roll­out, were not ex­pected to curb de­mand sig­nif­i­cantly, said JPMor­gan Chase & Co an­a­lyst DS Kim.

It was com­mon to see peo­ple us­ing mul­ti­ple cards to with­draw cash from Ma­cau ATMs, with some pos­si­bly us­ing other peo­ples’ ac­counts or cards, Kim wrote.

Still, there were other chan­nels that play­ers and jun­ket op­er­a­tors

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