Financial Crime World

MYANMAR BANKING SECURITY MEASURES IN PLACE TO PROTECT FINANCIAL SYSTEM

A New Era in Banking Security

The Central Bank of Myanmar has taken a significant step towards safeguarding the country’s banking system by establishing a dedicated Banking Security Department. This department is responsible for implementing comprehensive security measures to ensure the smooth operation of all banks and financial institutions in Myanmar.

The Importance of Banking Security

The security of the banking system is crucial to the establishment of a robust Open Market Economics System. In order to achieve this goal, the Banking Security Department has identified four key areas of focus:

Key Areas of Focus

  • Information Security: Protecting sensitive information from unauthorized access or breaches.
  • Material Security: Safeguarding physical assets and documents from theft or loss.
  • Personnel Security: Conducting regular background checks and investigations on staff members with critical tasks or newly appointed employees.
  • System Security: Implementing robust security measures to prevent cyber attacks and other forms of digital threats.

Department Responsibilities

The Banking Security Department is also responsible for coordinating with relevant officials to maintain security regarding state-owned assets, documents, and field works. Additionally, the department conducts regular personnel security investigations (PSI) on staff members who are assigned critical tasks or newly appointed employees.

Security Inspections and Training

  • Security inspections are carried out in important departments upon instruction from higher authorities.
  • Training sessions are provided to bank officials on security knowledge.
  • The department also collects and reports information on the current situation of the banking system, personnel, and other relevant matters to the Ministry as required.

A Strong Team

With a total of 92 service personnel, including 15 officers and 77 other rank staff, the Security Department of Central Bank of Myanmar is well-equipped to tackle any potential threats to the country’s financial system.