![]() ![]() -- Arnold H. Glasow |
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8th May 2017 | SHARE THIS
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The Story | |||
Withdrawing cash in Macau just got more difficult. The Macau government just announced that holders of mainland China-issued UnionPay bank cards must present IDs and should pass facial recognition scans at ATMs to get cash. | |||
So how does it work? |
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Well, the technology for the ID check and facial recognition scans will be installed in all ATMs in Macau. But the security check will only apply to users whose cards were issued from the Chinese mainland. |
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There should be a reason for Macau to be doing this. |
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There is and it’s completely valid. The strict policy was intended to combat money laundering in the territory, since in 2016, unauthorized China UnionPay transactions in Macau have reached MOP4.995 billion (US$626.5 million). |
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Whew! I thought I needed to carry my IDs with me every time I withdraw. |
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No need. The Macau government clarified that customers with bank cards issued in Macau and other regions do not need to undergo the stringent procedure. But this does not give anyone the right to do something stupid as all ATM transactions will be closely monitored. So if you’re clean, withdraw as you please and gamble away! |
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Takeaway | |||
Macau intensifies its fight against money laundering in the territory by going directly at the source. |
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Want to be a guest contributor? Email bill@calvinayre.com |
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