Financial Crime World

MYANMAR BANKING SECTOR SEEKS TO ENHANCE SECURITY MEASURES

Central Bank of Myanmar Holds Meeting to Discuss Financial Progress

Nay Pyi Taw - The Central Bank of Myanmar (CBM) recently held a meeting to discuss the financial progress of the country’s banking sector for the fiscal year 2022-2023. During the gathering, CBM Governor Daw Than Than Swe highlighted key developments in the sector.

Key Developments in the Banking Sector

  • Increase in Savings and Loans: The savings of private banks saw a significant rise of 14.42 per cent compared to the previous financial year.
  • Loans Growth: Loans increased by 7.81 per cent, indicating a healthy level of lending activity in the economy.
  • Credit to GDP Ratio: The ratio stood at 28 per cent, indicating a stable credit market.
  • Interbank Market Turnover: The turnover surged by 98 per cent to K1,166 billion compared to the previous year.

Prioritizing Security Measures

Daw Than Than Swe emphasized the importance of compliance with regulations aimed at preventing money laundering. She stressed that banks, exporters, and importers must adhere to guidelines set by the CBM, including:

  • Reporting Export Earnings: Reporting export earnings is crucial in monitoring trade activities.
  • KYC/CDD Requirements: Banks must ensure that transactions exceeding $10,000 are verified through KYC/CDD requirements.

Call for Digital Banking Services and Internal Control Strengthening

The CBM Governor highlighted the need for digital banking services, internal control strengthening, currency diversification, and trade approval from the Central Bank of India. These measures will enhance security measures in the banking sector.

Coordination Between Stakeholders

The meeting saw coordination between the deputy governor of CBM and chairpersons and CEOs of private banks to discuss these key issues. The gathering reflects the ongoing efforts by the CBM to monitor the financial sector and implement policies that mitigate inflation and promote a stable economy.

Conclusion

As Myanmar’s banking sector continues to evolve, it is crucial for stakeholders to prioritize security measures to prevent financial crimes and ensure transparency in transactions. With the CBM at the forefront of these efforts, the country can move towards a more robust and secure financial system.