News

Macau suspends China UnionPay card use at non-KYC ATMs

July 4, 2017

Starting July 4, the Monetary Authority of Macao is requesting that ATMs without Know Your Customer technology suspend cash withdrawal services for mainland China-issued China Union Pay cards.  

KYC ATMs in Macau display an identifying logo

Services can be resumed on noncompliant ATMs as soon as the KYC function is installed, a press release from the authority said. 

Mainland CUP cards can be used for cash withdrawals at all ATMs bearing the "KYC ATM" logo.

Currently 843 machines in the territory are KYC-compliant, according to the release.

Macao residents and cardholders of banks not under mainland China jurisdiction are not affected by the new rule, the authority said.

Holders of mainland CUP cards can proceed with a normal cash withdrawal at any KYC-enabled ATM once their identity has been verified by the system.

According to the release, the aim of the new rule is "to promote the integrity of the financial system of Macao and to enhance the protection of the legal rights of mainland cardholders."

However, numerous media reports have suggested that the KYC requirement was imposed to stop the flight of wealth from mainland China.

The authority has asked banks to speed up the implementation of KYC and hopes to have the feature implemented on all ATMs — including those inside casinos and surrounding areas — by year-end.

KYC techniques for verification of identity will be extended to other mainland China bankcards at a later date, the authority said.