CBM launches course to issue remittance licence, combat unofficial hundi business

A launching ceremony of the regulatory compliance training course (Third Batch) for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) was convened at the Central Bank of Myanmar (Yangon Branch) on 21 March 2022.
Present at the opening ceremony were CBM Governor U Than Nyein, Deputy Governor U Win Thaw, the directors-general and officials concerned, officials from the Bureau of Special Investigation, Financial Intelligence Unit and Myanmar Banks Association, directors of the authorized companies holding remittance licences and trainees.
CBM governor delivered that the CBM has been continuously conducting regulatory compliance training courses regarding AML/CFT. This effort is to control the hundi business, an informal money transfer system, promote a formal channel for remittance service and increase the country’s revenue, following the recommendations of the Financial Action Task Force (FATF) and combat an informal money transfer business and develop official channels. The CBM has released the rules and regulations to issue the licence for formal remittance services. This course aims for the professionals and financing operators to earn a certificate in regulatory compliance for AML/CFT and raise awareness of risk management practices to detect and prevent activities in remittance services. The course will focus on requirements and compliance matters. Those authorized companies are also to strictly adhere to the rules and regulations in running the remittance transaction business.
Next, the deputy governor also elaborated matters on completion of the first and second batch the objectives of the course and the course curriculum. He also motivated the trainees to effectively participate in the course as it will bring many benefits to the trainees whether they apply for a remittance licence or not. He encouraged them to accomplish the course and produce fruitful results.
That course is opened from 21 March to 1 April 2022 at the CBM’s Yangon Branch and the number of trainees totalled 70 in the third batch. — MNA