Monetary Authority of Macau

Monetary Authority of Macau

The central bank of Macau. It is responsible for issuing the Macanese pataca. The pataca is pegged to the Hong Kong dollar using a currency board system. That is, the Monetary Authority of Macau is legally obligated to redeem pataca for the equivalent amount of Hong Kong dollars on demand. It was established in 1989 and re-formed in 1999 upon the transfer of Macau from Portuguese to Chinese control
References in periodicals archive ?
The deputy governor of The People s Bank of China, Li Dongrong, talked the subject of the two districts cooperation on anti-money laundering with Anselmo, Teng Lin Seng, chairman of the Monetary Authority of Macau.
The Bank's Support rating is maintained at 2 on the basis of the very high likelihood of financial support, in case of need, from the Bank's majority controlling shareholders and the Monetary Authority of Macau (AMCM), Macau's de facto central bank.
US officials announced that the money would be transferred to the North Koreans, saying it was up to the Monetary Authority of Macau, a Chinese territory, to release the funds.
Officials say is it up to the Monetary Authority of Macau to release the funds.
In January 2005, the Monetary Authority of Macau issued a circular to all banks and other authorized institutions requiring them to maintain a database of suspected terrorists and terrorist organizations.
In November 2003, the Monetary Authority of Macau issued a circular to banks, requiring that STRs be accompanied by a table specifying the transaction types and money laundering methods, in line with the collection categories identified by the Asia/Pacific Group on Money Laundering.
The Monetary Authority of Macau, in coordination with the IMF, updated its bank inspection manuals to strengthen anti-money laundering provisions.
The Monetary Authority of Macau also cooperates internationally with other financial authorities.
The Monetary Authority of Macau (AMCM) has chosen a number of modules from the activebank range from UK-based banking software provider Financial Objects.