Financial sector should ensure appropriate risk management measures

The Monetary Authority of Macao (hereafter “AMCM”) is endowed with responsibilities to promote the financial security and stability of the Macao SAR. With the aim to properly implement the risk-based supervisory approach, AMCM has been requesting all financial institutions to establish sound risk management for the provision of any authorized financial services.

According to the legal and regulatory requirements of the “Prevention and Suppression of the Crime of Money Laundering” and the AMCM’s “Anti-Money Laundering and Combating the Financing of Terrorism Guideline”, banks are obliged to perform adequate due diligence on and ongoing monitoring of the merchants in order to prevent the abuse of point-of-sales (POS) machines from conducting illegal activities. AMCM stresses that the Authority does not forbid banks from establishing business relationships with merchants of particular industries, but requires banks to equip themselves with appropriate and adequate risk management measures before they can provide financial services to merchants for normal business. When irregular or abnormal transactions are identified, banks should adopt appropriate actions according to respective risk management measures, including terminating the business relationship with merchants, to prevent involvement in any illegal acts.

Currently, only banks, Caixa Económica Postal (Postal Savings Office), money changers and remittance companies can provide money exchange and/or remittance services to the public in Macao. Provision of financial services by any other individuals or shops constitutes a legal violation. AMCM would like to call the attention of the public that they should conduct money exchange and/or remittance transactions through authorized institutions in order to avoid unnecessary losses.

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