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CENTRAL BANK OF MYANMAR ISSUES NEW REGULATIONS FOR BANKS AND NON-BANK FINANCIAL INSTITUTIONS

Yangon, Myanmar - In a move to strengthen the country’s financial sector, the Central Bank of Myanmar has issued new regulations for banks and non-bank financial institutions (NBFIs).

Strengthening Monetary Stability and Sound Financial Structures

The new regulations aim to promote monetary stability, sound financial structures, and protect the interests of depositors. Key provisions include:

  • Revocation of licenses: The Central Bank can revoke a bank or NFI’s license if it fails to meet capital adequacy requirements, has a significant decline in its net worth, or engages in fraudulent activities.
  • Capital maintenance: Banks must maintain a minimum paid-up capital of K20 billion (approximately USD 15 million) for Myanmar-registered banks and USD 75 million for foreign bank branches or subsidiaries.
  • Deposit restrictions: Only licensed financial institutions can accept deposits from the public.
  • Unsolicited calls: Financial institutions are prohibited from making unsolicited calls to solicit deposits unless authorized by the Central Bank.
  • False advertising: The Central Bank has the power to direct banks to cease, modify, or retract advertisements deemed false, deceptive, offensive, or misleading.

Extension of Provisions to NBFIs and Representative Offices

The regulations also provide for the extension of certain provisions to NBFIs and representative offices, subject to specific conditions. These institutions are required to notify the Central Bank of any amendments to their constituent documents within three months.

“The new regulations aim to ensure the stability and soundness of our financial system,” said a senior official at the Central Bank of Myanmar. “We believe these measures will promote confidence in the banking sector and protect the interests of depositors.”

Key Statistics

  • Minimum paid-up capital for Myanmar-registered banks: K20 billion (approximately USD 15 million)
  • Minimum paid-up capital for foreign bank branches or subsidiaries: USD 75 million
  • Banks must maintain net capital funds unimpaired by losses in a ratio specified by the Central Bank.

Contact Information

For further information, please contact:

[Name] Central Bank of Myanmar Phone: [phone number] Email: [email address]

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