Local banks are complying with the guidelines issued by the Central Bank of Myanmar, The Myanmar Banks Association announced on June 27.
According to the strict regulations of their respective authorities, foreign banks that are communicating with Myanmar banks are only processing payments for the trade of Myanmar banks, and only after the completion of EDD processes.
Myanmar banks are also working with relevant government agencies and the private sector to be removed from the list of countries and regions that have been requested to increase the level of scrutiny specified by the Financial Action Task Force (FATF).
In addition, the banks are participating in anti-money laundering and anti-terrorist financing operations, as well as anti-proliferation of mass-killing weapons, and they are also working in accordance with the guidelines of the Central Bank of Myanmar for the necessary processes.
