Myanmar’s Banking Sector Under Scrutiny: Compliance Regulations in Place

The Banking Regulation Department (BRD), established in 2001 under the Central Bank of Myanmar, is responsible for overseeing the country’s financial institutions and ensuring compliance with international best practices.

Responsibilities and Duties

The BRD’s duties and responsibilities include:

• Developing bank regulations
  • Issuing prudential regulations on anti-money laundering (AML) and combating the financing of terrorism (CFT) requirements
• Conducting special audit programs
• Assessing agreements on loans, aids, grants, memoranda of understanding, and exchanges of notes from a financial perspective
• Cooperating and coordinating with internal and international banks and financial institutions

Organization Structure

As of 2011, the BRD was organized with:

• 17 service personnel
  • 7 officers
  • 10 other rank staff

The establishment of the BRD has marked an important milestone in Myanmar’s banking sector, as it aims to bring the country’s financial institutions in line with international standards and regulations.

By implementing compliance regulations, Myanmar is taking a significant step towards:

• Enhancing transparency and accountability within the banking sector
• Reducing the risk of money laundering and terrorist financing
• Improving relations with international financial institutions and organizations

The BRD plays a crucial role in ensuring that Myanmar’s banking sector operates efficiently and effectively, while also adhering to global standards and best practices.