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Central Bank of Myanmar Enacts New Financial Institutions Law

The Central Bank of Myanmar (CBM) has announced the enactment of the Financial Institutions Law-2016, aimed at strengthening the country’s financial sector and combating money laundering and terrorist financing.

Key Provisions of the Law

The Financial Institutions Law-2016 introduces several key provisions aimed at enhancing the regulation and supervision of financial institutions in Myanmar. These include:

• Strengthened Regulatory Framework: The law establishes a robust regulatory framework to ensure that financial institutions operate in a safe and sound manner, with clear rules and guidelines for licensing, supervision, and enforcement.
• Improved Risk Management Practices: The law requires financial institutions to implement effective risk management practices, including AML/CTF controls, to mitigate the risks of money laundering and terrorist financing.
• Enhanced Transparency and Disclosure: The law requires financial institutions to disclose relevant information about their operations, including their ownership structure, business activities, and financial performance.
• Strengthened Oversight and Enforcement: The CBM is granted enhanced powers to oversee and enforce compliance with the law, including the power to inspect and audit financial institutions.

Implementation Plan

The CBM has announced a plan to implement the Financial Institutions Law-2016 in phases. The first phase will focus on strengthening the regulatory framework and implementing AML/CTF controls, while subsequent phases will address other key areas of reform.

Contact Us

For more information about the Financial Institutions Law-2016 or to obtain a copy of the law, please contact:

• Central Bank of Myanmar
  • Office No. 55, Nay Pyi Taw
  • Phone: +95 67 4044444
  • Fax: +95 67 4045555
  • Email: info@cbm.gov.mm