Regulatory Alerts2016-04-04
Added · Updated
Central Bank of Myanmar Mobile Financial Services Regulation
The Central Bank of Myanmar has issued comprehensive regulations governing Mobile Financial Services Providers, including mobile network operators and non-bank financial institutions. The framework mandates a minimum capital of three billion kyat, requires 100 percent segregation of customer float in bank trust accounts, and establishes tiered KYC/CDD requirements with specific daily and monthly transaction limits. Furthermore, the rules standardize agent networks, enforce anti-money laundering controls, guarantee customer transparency and redemption rights, and empower the Central Bank to conduct audits, impose sanctions, and revoke registration certificates for non-compliance.