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Directive No. 4/2022: Anti-Money Laundering (AML) and Combating Financing Terrorism (CFT) Requirements for Microfinance Institutions in Myanmar

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Overview

This article provides a comprehensive overview of Directive No. 4/2022, which outlines the AML and CFT requirements for Microfinance Institutions (MFIs) in Myanmar.

Key Takeaways from the Directive

The following are some key takeaways from the directive:

Risk-Based Approach

• MFIs must classify their members as high, medium, or low risk based on personal information and financial behavior.

Customer Due Diligence (CDD)

• MFIs must conduct CDD for all customers to identify and verify their identities.

Enhanced Due Diligence (EDD)

• MFIs must perform EDD for high-risk customers, including those from countries identified as high-risk.

Monitoring and Reporting

• MFIs must continuously monitor customer transactions and activities to detect suspicious activity.
• MFIs must report suspicious transactions and activities to the Financial Intelligence Unit (FIU).

Sanctions Lists and Employee Training

• MFIs must check against sanctions lists, including those related to terrorism financing.
• MFIs must provide regular training to employees on AML/CFT procedures.

Importance of Risk-Based Approach and Due Diligence

The directive emphasizes the importance of risk-based approach and due diligence in preventing money laundering and financing of terrorism. It also highlights the need for continuous monitoring and reporting to ensure that MFIs are complying with AML/CFT regulations.

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