Regulatory Alerts2019-11-13
Central Bank of Myanmar CDD Directive Amendment
The Central Bank of Myanmar issued Directive No. 18/2019 to mandate comprehensive Customer Due Diligence (CDD) measures for all licensed banks and financial institutions. The directive requires these entities to implement dynamic risk assessments, verify customer and beneficial owner identities, and apply enhanced or simplified CDD procedures tailored to specific risk profiles. It further establishes strict protocols for ongoing transaction monitoring, suspicious activity reporting to the Financial Intelligence Unit, and the management of politically exposed persons, cross-border correspondent banking, and third-party reliance.
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