CBM crackdowns ZX Digital Store for scams

The ZX Digital Store social media page is found to be attempting phishing to trick the people and the Central Bank of Myanmar will take action against that scammer in line with the existing laws.
The CBM has granted licences for banking, non-bank financial institution registration, licences for mobile wallet services, foreign exchange licences, remittance licences, digital banking services for bank institutions, i-banking, mobile banking, mobile pay and mobile financial services, in accord with the law.
Under Section 159 of the Financial Institutions Law, any entity is not allowed to provide service without registration for a non-bank financial institution (NBFI) issued by the Central Bank of Myanmar. Under Section 38 of the Foreign Management Law, no one shall provide remittance services without holding a money changer licence. ZX Digital Store is found to violate those rules without holding any valid licence. It is trying to convince the people through an illegitimate money transfer scam with incentives, the CBM warned on 29 July.
The CBM will take legal action against the ZX Digital Store and those involved in scams under Section 171 of the Financial Institution Law and Section 42 of the Foreign Exchange Management Law.
Furthermore, CBM will carry out investigations and prosecutions against those involved in phishing scams and illegal financial services under the Financial Institution Law, Anti-Money Laundering Law, Foreign Exchange Management Law and existing laws.
On 23 June, under the guidance of the Monitoring and Steering Committee on Gold and Currency Market, the CBM clamped down on over 50 individuals and three companies that are found to be engaged in hundi business without the relevant licence and foreign exchange business without money changer licence under the existing laws. — NN/EM

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