90 percent of ATMs have KYC techniques installed

The “Know-Your-Customer (KYC)” facial recognition technology for ATM users with bank cards from mainland China is now installed in 1,040 ATMs in Macau, according to a statement issued yesterday by the Monetary Authority of Macau (AMCM). Up until now, about 90 percent of ATMs have had KYC techniques installed. 

The KYC ATM measures were introduced in May 2017. The AMCM claims that the “relevant withdrawal services have been running smoothly and irregular withdrawals have been stopped since the implementation of these measures, [thereby] promoting the security of the financial system of Macau.”

Cooperating with local banks, the AMCM intends to complete the installation of KYC technology at all ATMs with withdrawal capabilities shortly, and will also extend the coverage to a wider variety of mainland bankcards.

Holders of various mainland bankcards can carry out cash withdrawals through ATMs with the “KYC ATM” logo after their identities are verified against identity cards and facial recognition technology.  The maximum amount of each withdrawal is MOP/HKD5,000.  Holders of cards issued by the banks of Macau and other jurisdictions are not affected by the measure.

The Monetary Authority stated that to “ensure the normal operation of ATM cash withdrawals by mainland bankcards, the AMCM has proper systems in place to continuously monitor the relevant withdrawal services.” 

Since the launch of the KYC ATM measures, “the success rate of relevant cash withdrawals has reached 95 percent.”