Myanmar’s Banking Sector Tightens Belts in Compliance with Regulations

The Banking Regulation Department of Central Bank of Myanmar, established in 2001, has been working diligently to strengthen financial stability and combat money laundering.

Objectives

• Develop regulations that align with international best practices
• Ensure the country’s banking sector operates within a robust framework
• Issue prudential guidelines on anti-money laundering and combating the financing of terrorism (AML/CFT) requirements for banks and financial institutions

Responsibilities

• Assess agreements related to loans, aids, grants, memorandums of understanding, and exchanges of notes from a financial perspective
• Foster cooperation and coordination with internal and international banking entities

History

Initially set up with 17 personnel in January 2001, the department has since expanded to comprise:

• Seven officers
• Ten other rank staff as of February 2011

As the banking sector continues to evolve, the Banking Regulation Department remains committed to its mission of promoting a stable and secure financial environment in Myanmar.