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Myanmar Central Bank Restricts Foreign Hiring at Banks
By Editors | 10/08/2021
CBM approval is needed to hire foreign employees. Large banks are limited to 25 foreign employees; medium-sized banks to 15; and small banks to 8.
AML / KYC
US, UK, Canada Announce Fresh Sanctions Against Myanmar
By Sanday Chongo Kabange | 18/05/2021
The latest sanctions actions cite attacks and human rights violations against the people of Myanmar, including the killing of children.
Capital / Liquidity
Myanmar Banks Face Cash Crisis as CBM Withholds Reserves
By Sanday Chongo Kabange | 18/05/2021
CBM is not returning some of the reserves it holds for private banks leaving them with no cash to replenish own vaults with cash for their customers.
Enforcement
Myanmar: Korean Banks Raise Vigilance After Employee Shooting
By Ranamita Chakraborty | 05/04/2021
A Shinhan Bank employee has died after being shot in the head by Myanmar’s military forces. Meanwhile, local private banks are being fined for remaining closed.
Capital / Liquidity
Myanmar Military Threatens to Confiscate Bank Assets
By Manesh Samtani | 19/03/2021
Commercial banks have been ordered to resume full operations, or else transfer deposit accounts to state- or military-owned banks.
Sanctions
Myanmar Banks Fail to Resume Operations Despite CBM Order
By Ranamita Chakraborty | 11/03/2021
The banking sector is not fully operational due to staff shortages as employees take part in nationwide protests against the military government.
AML / KYC
Singapore Banks Asked to Monitor Myanmar Fund Flows
By Manesh Samtani | 05/03/2021
MAS is concerned about financial crime risk. New cash withdrawal limits have been imposed in Myanmar. A military-owned bank has suspended operations.
Market Infrastructure
Myanmar Launches First Credit Bureau Following Soft Launch
By Editors | 08/01/2021
The bureau is a joint venture between MB Investment, a company formed by Myanmar banks, and a subsidiary of Singapore-listed Credit Bureau Asia.
Uncategorised
Myanmar Launches New Interbank Payment, Settlement System
By Sanday Chongo Kabange | 29/11/2020
Modelled after Japan’s national payment system, the new system is expected to enhance straight-through processing between the central bank and FIs.
Market Infrastructure
Myanmar Awards Licences to Seven More Foreign Banks
By Editors | 13/04/2020
The preliminary licences were awarded to three Korean banks, two Taiwanese banks, one Hong Kong bank and one Thai bank.
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