To ensure UnionPay card payment security and further optimize the card-using environment, UnionPay International recently organized a training activity regarding the prevention of cross-border POS relocating and anti-money laundering which was participated in by 17 major acquirers and 5 non-financial institutions. Each participant exchanged with others their respective experience in reinforcing the risk control over the bankcard market and agreed to continue to strengthen the long-acting work mechanism and created a good environment for the healthy development of the bankcard industry.
At the training meeting, UnionPay International reported how it has handled the illegal cases and introduced the progress of and operating suggestions on the anti-money laundering task under the current circumstance. The parties present made in-depth discussions on the specific measures to further improve the risk management mechanism and strengthen risk control and anti-money laundering efforts. All parties present agreed to facilitate the establishment of a long-lasting communication and work mechanism regarding cross-border payment security management and further strengthen the cooperation in the bankcard anti-money laundering and anti-terrorist field.
Ensuring UnionPay card cross-border payment security has always been one of the key tasks of UnionPay International. During its recent field inspection in Macau, UnionPay International analyzed the risk situations of bankcard cross-border payment together with relevant supervision department of Macau and introduced the current risk management and anti-money laundering measures of UnionPay, which were acclaimed by all parties.
Over the recent years, UnionPay has taken all-round control over the amount of large-value transactions in Macau by means of a cross-border risk prevention and control system established together with the relevant acquirers in Macau and issuers in Mainland China and successively broken lots of cross-border bankcard risk cases through intimate cooperation with the public security and judicial organs from both countries, which has not only vigorously cracked down on the cross-border illegal criminal activities but also provided reliable guarantee in satisfying the normal payment demands of UnionPay cardholders in Macau.
About UnionPay International
UnionPay International (UPI) is a subsidiary of China UnionPay focused on the growth and support of UnionPay’s global business. As a membership organization with over 300 members worldwide, UnionPay International has enabled card acceptance in over 140 countries and issuing in more than 30 countries. UnionPay International provides high quality, cost effective and secure cross-border payment services to the world’s largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.
For more information on UnionPay International, please visit: www.unionpayintl.com.