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China UnionPay: No loosening up on money laundering

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BEIJING, March 13 (Xinhua) -- China UnionPay has always kept a tight grip on money laundering through its cards and will intensify its efforts, China's largest bank card brand said Thurday.

The bank card network has worked with commercial banks to manage cross-border risk and capped daily spending for cards use in the gambling resort of Macau, according to a senior manager.

It also collaborated with security organizations both in the mainland and Macau to track illegal practices, cracking 11 cases worth 1.86 billion yuan (0.30 billion U.S. dollars) since 2013.

Meanwhile, China UnionPay conduct regular checks and training with local acquiring institutions to regulate local merchants. Over 54,700 risk cases worth 237.27 billion yuan have been cracked since 2004.

China UnionPay reports monthly large-sum renminbi-based bank cards transactions in Macau. Overseas banks participating in the UnionPay network are required to close the accounts of merchants found to be involved in fraudulent transactions.

The fraud rate for China UnionPay's credit and debit cards were 2.32 BP and 0.15 BP respectively in the first three quarters of 2013, far lower than the international average of the same period, according to China UnionPay's data.

While other international bank cards can be used to buy chips in casinos directly, China UnionPay has strict ban on direct gambling payment through its cards, the management said.

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