Financial Crime World

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Myanmar Regulates AML/KYC Compliance: What You Need to Know

Yangon, Myanmar - The government of Myanmar has introduced new regulations to combat money laundering and terrorist financing. As a result, businesses operating in the country must comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements.

Valid Documents Required for AML/KYC Compliance

To verify customer identity, businesses must obtain valid documents such as:

  • National Registration Card
  • Citizen Scrutiny Card
  • Driver’s License

Additionally, the following documents are considered proof of address:

  • Current utility bill (gas, electricity, telephone, or mobile phone)
  • Document issued by a government department showing the end-user’s address
  • Bank statement (no older than 3 months) showing the end-user’s address

Timing of Verification

Identity verification is not a one-time process. It must be performed in multiple instances as per regulations. The timing of verification depends on the requirements and conveyance to Shufti Pro.

Politically Exposed Persons and EDD Measures

According to Enhanced Due Diligence (EDD) requirements, businesses must determine if customers are Politically Exposed Persons (PEPs), hold a public office, or exhibit a higher risk profile. Shufti Pro provides an AML Screening service that screens ID attributes against watchlists of global regulatory authorities.

Reliance on External Services

Myanmar’s regulations allow businesses to seek the services of third-party providers for due diligence measures. However, they remain liable for maintaining compliance and fulfilling AML/KYC obligations.

Record Retention

Businesses must retain data for not less than five years as part of their AML/KYC obligations. In cases where information is processed, collected, and managed by a relevant third-party provider, businesses are liable to collect all necessary information without undue delay.

By complying with these regulations, businesses operating in Myanmar can help prevent money laundering and terrorist financing activities.