Financial Crime World

UBA Bank Embraces New Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Measures

Strengthening AML/CFT Efforts in Myanmar

Yangon, Myanmar - UBA Bank has taken significant steps to enhance its anti-money laundering and combating the financing of terrorism (AML/CFT) measures, as mandated by the Central Bank of Myanmar. The bank has established a dedicated Compliance Office (CO) to oversee the implementation of AML/CFT policies and procedures.

Implementation Structure

According to a statement from the CO, the bank’s management and departments have been instructed to comply with the AML Policy, Procedure, CBM Directives, and related laws and regulations. The CO will submit regular reports on the AML/CFT status to the Board Risk Committee (BRC), which in turn will report to the UBA Bank Board.

  • Key Roles and Responsibilities
    • Compliance Office (CO): Oversee the implementation of AML Policy and Procedure, submit regular reports to BRC, and share knowledge about AML/CFT.
    • Branch Managers: Ensure proper implementation, control, monitoring, and reporting procedures across branches under their control; monitor high-value and high-risk transactions, detect suspicious activities, and report suspicious transactions to CO/ACO.
    • Human Resource Department (HRD): Screen staff from an AML perspective before recruitment, ensure due diligence of all employees is updated regularly, and monitor transactions in staff accounts.
    • Internal Audit Department: Independently review compliance with AML Policy and Procedure; conduct checks and reviews to ensure control and monitoring procedures are followed.

Implementation Timeline

The CO has set a timeline for the implementation of these measures, which includes:

  • Quarter 1: Conduct initial training sessions for staff; establish AML/CFT Unit and provide necessary data support from IT department.
  • Quarter 2-3: Implement AML/CFT policies and procedures across all departments and branches; conduct regular monitoring and reporting.
  • Quarter 4: Review compliance with AML Policy and Procedure, identify areas for improvement, and implement corrective actions.

Commitment to Integrity and Transparency

UBA Bank is committed to maintaining the highest standards of integrity and transparency in its operations. The implementation of these measures demonstrates the bank’s commitment to combating money laundering and terrorist financing, while ensuring the protection of customers’ assets and interests.