Regulatory Alerts2017-03-31
Credit Reporting System (CRS) Regulation
The Central Bank of Myanmar issued this regulation to establish and govern the national Credit Reporting System (CRS), mandating licensed credit reporting service providers (CRSPs) to collect, process, and securely share positive and negative financial data from financial institutions. It outlines the Central Bank's supervisory powers, licensing requirements including a minimum initial capital of 3,000 million Myanmar Kyat, and standardized procedures for data submission, access rights, and consumer consent. The regulation ensures system efficiency, risk mitigation, and regulatory compliance by defining clear obligations for CRSPs, authorized users, and information providers while establishing robust data security and audit mechanisms.
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