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Myanmar Banking Regulations Compliance: What You Need to Know

As Myanmar continues to open up its financial sector, banking institutions in the country must ensure compliance with regulatory requirements to operate safely and efficiently.

Central Bank of Myanmar (CBM) Supervision

The Central Bank of Myanmar (CBM) is responsible for supervising banks and non-bank financial institutions such as leasing companies, finance companies, money services, and credit services.

Cloud Services Regulation in Myanmar

While there are no specific regulations governing the use of cloud services by financial institutions in Myanmar, it is recommended that they:

  • Establish an outsourcing governance framework
  • Conduct due diligence on their service provider
  • Perform a risk analysis for workloads planned to be run on AWS services

Customers can reach out to their account representative or contact us for more information.

Key Considerations for Financial Institutions

Financial institutions in Myanmar are permitted to use cloud services provided they comply with applicable legal and regulatory requirements. Some key considerations include:

  • Data privacy and protection
  • Compliance with local regulations and guidelines

Assessing Compliance Needs

To better understand compliance needs, financial institutions using AWS services can consider the following:

  • The purpose of their workload(s)
  • The criticality of relevant workloads
  • Reviewing the AWS Shared Responsibility Model
  • Mapping AWS responsibilities and customer responsibilities for each service used

Additionally, customers can access AWS’ audit reports through AWS Artifact to conduct their assessment of control responsibilities.

Resources for Financial Institutions in Myanmar

AWS offers a range of resources to help financial institutions in Myanmar navigate compliance requirements, including:

  • The AWS Compliance Quick Reference Guide
  • Navigating GDPR Compliance on AWS
  • Using AWS in the Context of Common Privacy and Data Protection Considerations

By understanding these regulations and guidelines, banking institutions can ensure they are operating in compliance with local laws and regulations.

Contact Us

Contact your account representative or contact us if you have any questions about using AWS services or need more information.