The Macau Monetary Authority (AMCM) says it is “closely monitoring” the city’s banks and financial institutions to ensure they are complying with anti-money laundering regulations and maintaining stability within the industry.
In a statement released by the government, the AMCM said it had developed a new “risk-based” model to monitor systems and focus on various “high risk” aspects of the Macau financial system.
“To maintain the safety and stability of the Macau financial system, the Macau Monetary Authority has been developing a policy of continuous supervision of financial institutions in Macau with a ‘risk-based’ model, focusing on the high-risk areas of the Macau financial system,” it said.
“Through the off-site review, on-site review, special investigation and cross-border regulatory co-operation, as well as close communication with financial institutions’ management and industry organizations, the Macau Monetary Authority monitors the strict compliance of financial institutions with laws and regulations, and ensures that they have fully effective risk management procedures, internal control systems and anti-money laundering and anti-terrorism financing measures, and understands their liquidity and capital adequacy and financial situation.
“In the regular supervision, the Macau Monetary Authority will get information from relevant banks about the coverages on the banking sector at the first time and, if necessary, require the bank to conduct a detailed investigation, including the background, impact, treatment measures and precautionary measures to be taken so as to safeguard the interests of financial institutions and their customers and maintain the stability of the financial system.”
The AMCM earlier this week announced that it had also placed new restrictions on the use of Mainland China Union Pay cards at any Macau ATM yet to feature Know-Your-Customer technology.
