Myanma Foreign Trade Bank Takes Steps to Combat Money Laundering

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Myanma Foreign Trade Bank Takes Steps to Combat Money Laundering

Strengthening Efforts Against Financial Crimes

In a bid to strengthen its efforts against money laundering and terrorist financing, Myanma Foreign Trade Bank has established a dedicated Anti-Money Laundering (AML) Unit. The unit was launched on May 25th, 2017, with the aim of monitoring and preventing illicit financial transactions in accordance with international standards.

AML Unit Structure

The AML Unit is overseen by a Supervising Committee comprising ten members appointed on February 19th, 2019. Deputy General Manager U Kyin Thein has been assigned as the Compliance Officer, responsible for ensuring that the bank adheres to all relevant regulations and guidelines.

Key Roles and Responsibilities

Supervising Committee: Oversees the AML Unit and ensures compliance with international standards.
Deputy General Manager/Compliance Officer (U Kyin Thein): Responsible for ensuring the bank’s adherence to AML/KYC CDD requirements.
Related Departments: Review daily customer transactions in accordance with AML/KYC CDD requirements.

Implementing Strict AML Policy

Myanma Foreign Trade Bank has implemented a strict AML Policy, which prohibits services such as:

Shell banking
Walk-in customers
Downstream correspondent clearing services
Payable-through accounts
Anonymous accounts

Educating Employees on Combating Financial Crimes

To enhance staff awareness and skills in identifying suspicious transactions and reporting them to the relevant authorities, the bank has introduced an employee training program.

Contact Information

Customers with queries or concerns can contact:

U Kyin Thein, Deputy General Manager/Compliance Officer at [email protected]
Daw Myat Myat Htwe, Manager at [email protected]

Resources for Further Information

For further information on AML regulations and guidelines, customers are advised to visit the following websites:

Central Bank of Myanmar: https://www.cbm.gov.mm/
Anti-Money Laundering Law: https://www.mfiu.gov.mm/