• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Macau suspends UnionPay withdrawals from non-KYC ATMs

Jul 04, 2017 Newsdesk Latest News, Macau, Top of the deck  


Macau suspends UnionPay withdrawals from non-KYC ATMs

From today (July 4) holders of mainland China-issued China UnionPay Co Ltd bank cards will only be able to make cash withdrawals with them in Macau at automated teller machines (ATMs) fitted with so-called “know your customer” (KYC) technology, said a Monday press release from the Monetary Authority of Macao, also known by its Portuguese-language acronym AMCM.

The announcement added that – as of July 2 – there were 834 ATMs with such capability. Upgraded machines have a type of camera said to be able to perform a facial recognition check on each customer. The release gave no information on the total number of ATMs in Macau.

In 2016, the city had an average of 294.8 ATMs per 100,000 adults, according to previously-released data from the International Monetary Fund. Macau had in 2016 an adult population of around 500,000 people, figures from the city’s Statistics and Census Service show.

“The AMCM has been requesting banks to speed up the implementation [of KYC machines] and is striving, in collaboration with each bank, to cover all ATMs in Macau including those inside casinos and in their surrounding areas by this year-end,” the statement said.

Grant Govertsen, an analyst at Union Gaming Securities Asia Ltd, said in an email to GGRAsia on Tuesday: “We continue to believe that the KYC measures are not directly geared towards casino customers or the gaming industry. Rather, we believe they are an addition to ongoing capital flight controls [from mainland China], which will have the largest impact on those who come to Macau for the purpose of withdrawing, and then holding, Hong Kong dollars from their renminbi-denominated mainland bank accounts.”

Holders of cards issued by banks in jurisdictions other than mainland China would be unaffected by the new rule barring UnionPay cash withdrawal at non-KYC compliant machines, said the monetary authority.

“To protect the legal interests of financial institutions and mainland China UnionPay cardholders, as well as to ensure the effectiveness of the measure to monitor ATM cash withdrawals by mainland [issued] China UnionPay cards… the Monetary Authority of Macao is requesting [that] those ATMs without KYC technology installed… suspend cash withdrawal services for mainland China UnionPay cards.”

The release added: “Relevant services will be resumed as soon as the KYC function is installed.”

The authority said the use of verification technology was to “promote the integrity of the financial system of Macau and to enhance the protection of the legal rights of mainland cardholders”.

The statement added the monetary authority had previously notified banks to install KYC technology “in stages”, so as to improve verification procedures regarding each cardholder’s identity.

A note from brokerage Sanford C. Bernstein Ltd, issued in May at the time the new ATM policy was announced, stated: “Over time, stronger anti-money laundering and know-your-customer procedures will likely create headwinds for junket activity and certain premium mass liquidity.”

Union Gaming’s Mr Govertsen noted in his Tuesday commentary: “It is important to keep in mind that this profile [of bank card customer] doesn’t fit any of the typical casino customer segments: grind mass customers typically cross the border with enough cash on their person so as not to need ATMs for gambling purposes; premium mass customers often already have cash outside of mainland China via business interests, etc., and VIP players receive credit from the junket system.”


  • tweet
Related articles
  • Macau economy to see double-digit growth in 2023: AMCM
    Macau economy to see double-digit...

    Jan 27, 2023  

  • Unlikely serious Macau bidder beyond 6 ops now: panel
    Unlikely serious Macau bidder beyond 6...

    Sep 08, 2022  

More news
  • Much interest in state casinos sale, says Pagcor boss Tengco
    Much interest in state casinos sale,...

    May 30, 2023  

  • Dividend restart still far for Macau ops: JP Morgan
    Dividend restart still far for Macau...

    May 30, 2023  


Latest News

Much interest in state casinos sale, says Pagcor boss Tengco

Much interest in state casinos sale, says Pagcor boss Tengco

May 30, 2023  

Alejandro Tengco (pictured in a file photo), chairman and chief executive of the Philippine casino regulator, the Philippine Amusement and Gaming Corp (Pagcor), has told GGRAsia it has already had...
Read More
Dividend restart still far for Macau ops: JP Morgan

Dividend restart still far for Macau ops: JP Morgan

May 30, 2023  

Gaming industry in for a very exciting period: Bill Miller

Gaming industry in for a very exciting period: Bill Miller

May 30, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


6,000

Total number of visitors expected at the Global Gaming Expo (G2E) Asia 2023 Special Edition: Singapore, running from May 30 to June 1



Most Popular

  • Cotai Expo hotel extra to licence capex, says GoldsteinCotai Expo hotel extra to licence capex, says Goldstein May 29, 2023
  • Ian Coughlan out of Wynn Macau Ltd board, Cameron-Doe inIan Coughlan out of Wynn Macau Ltd board, Cameron-Doe in May 29, 2023
  • Londoner Macao to host Harry Potter exhibition in DecLondoner Macao to host Harry Potter exhibition in Dec May 29, 2023
  • Londoner Macao pulls in foreigners and Chinese: LVS CEOLondoner Macao pulls in foreigners and Chinese: LVS CEO May 25, 2023
  • Suntrust agrees to US$6mln loan from chairman Andrew LoSuntrust agrees to US$6mln loan from chairman Andrew Lo May 29, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us