Monetary authority speaks out on UnionPay curbs

The Monetary Authority of Macau has responded to reports that state-owned electronic payments system operator China UnionPay will curb the use of its cards to obtain cash in Macau and so close a loophole in the mainland’s currency controls. The authority issued a written statement yesterday saying:  “During the course of ongoing supervision of card acquiring services by banks, [the authority] may, in accordance with any changes in and development of the market, streamline or strengthen relevant risk management and ongoing customers due diligence [sic], with the objective of promoting healthy development of the sector.” Meanwhile, Hong Kong’s South China Morning Post reports today that the authority will give casinos here until July 1 to get rid of illegal UnionPay hand-held card readers or face the consequences.