Financial Crime World

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Myanmar Banks Take Measures to Protect Customers’ Funds After String of Attacks

Reimbursement Arrangements Announced by Central Bank of Myanmar

The Central Bank of Myanmar (CBM) has taken steps to reassure customers whose funds were lost in recent attacks on banks. According to Deputy-Governor Dr Lin Aung, arrangements have been made for withdrawals upon submission of evidence.

Key Points:

  • Customers who lost money in the bank attacks will be able to withdraw their funds by providing supporting documents at any branch.
  • The account verification process can also be handled at any branch, as all banks have access to the affected customers’ account data.

Deposits Remain Unfrozen Despite Branch Closures

The CBM has reassured customers that even if a branch of a bank is forced to cease services for any reason, deposits will not be frozen. Customers can still withdraw their money at any other branch nationwide based on the type of their deposit.

Strict Monitoring and Punishment for Suspicious Activity

The Central Bank of Myanmar, in collaboration with the Bureau of Special Investigation and Financial Intelligence Unit, is closely monitoring cash withdrawals exceeding K100 million, as specified by the Anti-Money Laundering Central Body. Any suspicious withdrawal activity will be reported to the Financial Intelligence Unit, and individuals involved may face severe punishment according to the law.

Crackdown on Fake News and Propaganda

The CBM is working with other law enforcement agencies to identify and penalize those responsible for spreading fake news and propaganda aimed at misleading the public into withdrawing their money from banks.