CBM notifies steps to be taken in case of mobile financial scams

The Central Bank of Myanmar has issued a notification that if a mobile money account holder has been defrauded of money, they must contact the service provider’s enquiry centre or complaint centre.
The central bank also said that after notifying the centre, it must immediately provide the information requested by the centre and open a case at the relevant local police station.
If the police station of the relevant area receives a complaint from the victim of fraud, it will open a case immediately and once the case is opened, the police will immediately contact the relevant bank and mobile financial service provider over the phone or by fax and email.
Upon receiving information and information from the victim of fraud, a complaint handling organization will check whether the owner of the list is true or false, whether the information is correct or not and if it is correct, they must report it to their respective department immediately. The accounts of suspected fraudsters will be immediately blocked and temporarily blocked for 72 hours.
After the account has been temporarily blocked, the account information and the transactions of these accounts must be reported to the Central Bank of Myanmar and the Financial Intelligence Unit as suspicious transactions within 24 hours.
If the victim of fraud does not receive notification from the relevant police station that a case has been opened at the police station, the temporarily blocked accounts must be reopened after 72 hours.
For the Central Bank to take timely action, Section 132 of the Financial Institutions Law, in exercise of the powers conferred by Section (b), has been issued. — TWA/KZL

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