“The Taps Are Gushing” Hong Kong ATM Withdrawals Surge As Facial Recognition Fears Spread

Jon Government

Amid a crackdown on unauthorized mainland currency outflows by forcing ATM users to undertake facial recognition before cash is dispensed in Macau, Hong Kong ATMs are reportedly being hit by a massive surge in withdrawals from China’s UnionPay bank cards.
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As The South China Morning Post notes, the mainland has been strengthening regulations since last year when a decline in the value of the yuan led to widespread capital outflows.
Mainland people are allowed to withdraw up to 100,000 yuan (HK$117,000) in cash overseas and remit up to US$50,000 worth of foreign currency offshore annually, according to 2016 foreign exchange regulations.
Users of UnionPay cards can withdraw up to 10,000 yuan per day for each card they hold.
To skirt around the foreign exchange controls, some individuals have been using separate ATM cards to make cash withdrawals, prompting the regulators to crack down on the practice.

This post was published at Zero Hedge on Aug 20, 2017.