Cooperate in the implementation of a safe monetary system

Myanmar uses various monetary systems such as mobile monetary services on a wider scale in the era of developing information technology, including banking services. Currently, businesses on monetary remittance services via mobile payment systems are being operated in implementing the safe and capable national payment system.
It was learnt that some unscrupulous persons committed swindling the remitted money of other persons in dishonest ways through some mobile payment services. Moreover, some persons breached the laws in cross-border payment, money laundering and terrorist financing. As such, it is necessary to combat swindling money, money laundering and terrorist financing through official mobile services and to adopt more disciplines for mobile monetary services.
In fact, mobile monetary service is based on mobile phone communications. Users of mobile phones need to fill in their personal data to take registration for all SIM cards since they started using mobile phones so that public mobile communications are safe and systematic.
However, the majority of people need to take correct registration for SIM cards on their mobile phones. Taking it as an advantage, unscrupulous persons commit malpractices, money laundering and acts of terrorist financing through mobile services. They aim to make money through mobile services in inappropriate ways.
The Ministry of Immigration and Population decided to check names, citizenship scrutiny card numbers and SIM numbers filled in the mobile monetary accounts from the electronically registered database of the ministry and that of the Department of Posts and Telecommunications. Users of mobile monetary services need to mention their names and CSC numbers to apply the electronic communication system. Hence, the users need to fully fill in their data to apply the mobile monetary services without fail.
On the other hand, mobile monetary services need to abide by the prescribed disciplines for the safer running of businesses. The authorities will totally close the mobile monetary accounts which were able to fill in the correct data on schedules. As such, those who use mobile payment systems need to timely upgrade their data to the second level.
The Central Bank of Myanmar on 16 September 2022 notified the owners of mobile monetary accounts not wishing to upgrade their accounts of seeking the ways and means to use their remaining mobile money in connection with banks and mobile money services in time. That is why all people need to participate in building safer monetary services for national interests and the safety of mobile payment.


Share this post
Hot News
Hot News