Financial Crime World

Combating Money Laundering and Terrorist Financing in Myanmar

Myanma Foreign Trade Bank Takes a Strong Stance

In May 2017, Myanma Foreign Trade Bank established an Anti-Money Laundering Unit (AML) to combat money laundering and terrorist financing. This significant move demonstrates the bank’s commitment to adhering to international standards and ensuring a safe and secure financial system.

Supervising Committee for Anti-Money Laundering and Terrorist Financing

In February 2019, the bank set up a supervising committee consisting of ten members to oversee its AML efforts. The committee is responsible for reviewing the effectiveness of the AML program and making recommendations for improvement.

Key Initiatives

  • Regular Reviews: The AML Unit conducts regular reviews of customer transactions to ensure compliance with the Bank’s Anti-Money Laundering/Know Your Customer (AML/KYC) policy.
  • Collaboration with Correspondent Banks: The unit works closely with correspondent banks to monitor and report suspicious transactions.
  • Prohibited Services: Myanma Foreign Trade Bank has prohibited services that could facilitate money laundering or terrorist financing, including:
    • Shell banking
    • Walk-in customers
    • Downstream correspondent clearing services
    • Payable-through accounts
    • Anonymous accounts

Employee Training and Awareness

The bank prioritizes employee training, providing regular sessions to educate staff on combating money laundering and terrorist financing. This initiative ensures that employees are equipped with the necessary knowledge and skills to identify and report suspicious activities.

Contact Information

For further information or assistance, individuals can contact:

  • U Kyin Thein, Deputy General Manager/Compliance Officer: +95-01-8250707, [email protected]
  • Daw Myat Myat Htwe, Manager: +95-01-8372137, [email protected]

Additional Resources

For more information on AML instructions and regulations, please visit the official website of the Central Bank of Myanmar (CBM) at www.cbm.gov.mm. The Myanmar Financial Intelligence Unit (MFIU) also provides Anti-Money Laundering Law information at www.mfiu.gov.mm.