Financial Crime World

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Compliance Training for Bankers in Myanmar: A Step Towards Financial Transparency

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The Myanmar Banks Association (MBA) has been actively promoting compliance training for bankers to ensure adherence to anti-money laundering and counter-terrorism financing (AML/CFT) regulations. As a designated reporting agency, banks are required to implement strict measures to prevent financial crimes.

The Journey to Compliance

In January 2019, the MBA established a subcommittee on AML/CFT comprising member bank compliance officers to strengthen the implementation of AML/CFT policies and procedures. The committee was reorganized in October 2021 as the Prudential/AML-CFT/Fraud/Risk Committee to handle broader compliance-related matters.

Prioritized Areas

To achieve full compliance with national strategic area (3) on combating money laundering and terrorist financing, member banks have been working together to implement prioritized areas such as:

  • Training on AML/CFT
  • Verifying customer information
  • Developing policies and procedures

The goal is to achieve 100% success in implementing the national strategic area.

Reporting Requirements

In addition, banks are required to submit timely reports to the Financial Intelligence Unit (FIU) about suspicious transactions and customer information. They also provide additional information requested by law enforcement agencies and the Central Bank of Myanmar.

Awareness Training for Bankers

The MBA has been conducting awareness training courses for bankers, including compliance staff, to increase their knowledge on AML/CFT. The basic course includes:

  • AML Law
  • FATF 40 recommendations
  • Terms & definition of AML

So far, five basic training courses have been conducted, with a total of 408 employees from member banks attending.

Additional Training

The Central Bank of Myanmar, FIU, and Special Investigation Department under the Ministry of Home Affairs have also provided training on AML/CFT for senior management level officers and compliance officers. The MBA has been working closely with experts from the Attorney-General Office, FIU, and CBM to develop and implement AML/CFT policies and procedures.

Member Bank Programs

Each member bank has its own program for enhancing awareness and knowledge on AML/CFT by conducting:

  • Workshops
  • Training courses
  • Seminars

targeting their officers/employees and BOD members. The programs aim to strengthen compliance with AML/CFT measures and achieve significant progress in implementing the AML/CFT regime.

WMD Awareness

To raise awareness on proliferation of weapons of mass destruction (WMD), knowledge dissemination on the topic was included in the certificate-level training course on AML/CFT for banks’ compliance officers.

Conclusion

The Prudential/AML-CFT/Fraud/Risk Committee provides a platform for member banks to cooperate on AML/CFT-related matters and promote a culture of compliance within MBA member banks. The MBA continues to provide necessary training courses to all member bank employees to ensure financial transparency and stability in Myanmar.