Financial Crime World

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Myanmar’s Anti-Money Laundering Regulations: A Guide to Identity Verification and Due Diligence

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As part of its efforts to combat money laundering and terrorist financing, Myanmar has implemented strict regulations requiring businesses to verify customer identities and conduct due diligence on high-risk transactions. In this article, we will explore the requirements for identity verification and due diligence in Myanmar.

Identity Verification

According to Myanmar’s Anti-Money Laundering (AML) and Know-Your-Customer (KYC) regulations, businesses are required to verify the identity of their customers using various methods, including:

  • Biometric data
  • Government-issued IDs
  • Other documents

The verification process must be done in a timely manner and should not compromise the security of customer information.

Due Diligence

Myanmar’s AML/KYC regulations also require businesses to conduct due diligence on high-risk transactions, including those involving:

  • Politically Exposed Persons (PEPs)
    • Screening an individual’s selected ID attributes against watchlists of global regulatory authorities, foreign and domestic databases, compromised PEPs, and sanctioned individuals
    • Highlighting the category of the PEP based on the degree of risk they pose
    • Identifying any immediate family members or close associates

Reliance on External Services

Myanmar’s regulations state that businesses may seek the services of a third-party provider to apply measures of due diligence. However, the business remains liable for maintaining all compliance and fulfilling AML/KYC obligations.

Record Retention

As per Myanmar’s regulations, businesses are required to retain data for not less than five years. This includes:

  • All information related to customer identities
  • Transactions
  • Due diligence processes

Conclusion

Myanmar’s AML/KYC regulations require businesses to take a proactive approach in verifying customer identities and conducting due diligence on high-risk transactions. By understanding these requirements, businesses can ensure compliance with local laws and regulations, protect their reputation, and prevent financial crimes.

For more information on how Shufti Pro can help you comply with Myanmar’s AML/KYC regulations, please visit our website or contact our support team today.