Financial Crime World

MYANMAR BANKS ASSOCIATION ISSUES STATEMENT ON AML/CFT IMPLEMENTATION PROGRESS

The Myanmar Banks Association (MBA) has released a statement outlining the progress made by its member banks in implementing anti-money laundering and combating the financing of terrorism (AML/CFT) policies.

Establishment of Sub-Committee on AML/CFT

In January 2019, MBA established a sub-committee on AML/CFT to strengthen compliance and implementation of member banks with regard to AML/CFT policy and regime. The sub-committee was reorganized in October 2021 as the Prudential/AML-CFT/Fraud/Risk Committee to handle not only AML/CFT-related issues but also broader compliance matters.

Implementation of AML/CFT Policies

MBA member banks have been working together to develop and implement AML/CFT policies and procedures, with a goal of achieving 100% success in implementing national strategic area (3) on AML/CFT. This has included:

  • Submitting timely information about suspicious transactions and customer information to the Financial Intelligence Unit (FIU)
  • Providing additional information requested by law enforcement agencies and the Central Bank of Myanmar

Training and Awareness Programs

The MBA has also organized and conducted various training programs for bank employees, including compliance staff. These programs include:

  • Five basic training courses with a total of 408 employees from member banks attending
  • Collaboration with the Banking Training School under the MBA to provide training on AML/CFT
  • Series of workshops, training courses, and seminars conducted by each and every member bank for their officers/employees and Board of Directors members in collaboration with experts from the Attorney General’s Office, FIU, and the Central Bank of Myanmar

Knowledge Dissemination

The MBA has included knowledge dissemination on proliferation of weapons of mass destruction (WMD) in its certificate-level training course on AML/CFT for banks’ compliance officers.

Conclusion

The statement emphasizes the importance of cooperation among member banks to promote a culture of compliance with AML/CFT measures and achieve significant progress in implementing the AML/CFT regime.