Regulatory Alerts2026-01-01
Mandatory Application of Enhanced Due Diligence Measures in Relation to Myanmar
The Economic and Financial Crimes Commission’s Special Control Unit Against Money Laundering (SCUML) mandates all Designated Non-Financial Businesses and Professions, Self-Regulatory Bodies, and Trade Associations to apply enhanced due diligence measures to Myanmar-linked customers, transactions, and business relationships. Entities must conduct enhanced customer due diligence, implement increased transaction monitoring, secure senior management approval for new or ongoing Myanmar-linked relationships, and promptly file suspicious transaction reports while avoiding blanket de-risking or relationship terminations. Compliance will be enforced through routine inspections and disciplinary actions, with specific safeguards ensuring that legitimate humanitarian assistance, non-profit organization activities, and personal remittances remain unduly unimpeded until the Financial Action Task Force confirms Myanmar’s action plan completion.