Mobile money transfer accounts will be cancelled unless they are Level 2: CBM

The Central Bank of Myanmar (CBM) announced on Friday that the mobile money transfer accounts will be cancelled if they are not upgraded to Level 2.
The CBM makes efforts for the emergence of a secure and quality national payment system, as the technologies are well developed, the money transfer services can be made easily through mobile payment.
In the statement of CBM, it said it found that the fraudsters are using some mobile payment methods without correctly filling in the information and doing illegal money transactions and financial swindling fraudulently. In solving such frauds, it can be resolved only when people fill in their personal data correctly.
​Moreover, it is necessary to Anti-Money Laundering and Countering the Financing of Terrorism procedures in making cross-border payments, it said.
According to the international standards for the Electronic – Know Your Customer (e-KYC) processes, the user names, citizenship scrutiny card no and sim-card no filled in mobile payment accounts will be checked with the e-ID Database of the Ministry of Immigration and Population and SIM Registration Database of the Posts and Telecommunications Department, it added.
Therefore, the users need to fill up the correct data for KYC. The mobile payment accounts will be cancelled if the users fail to fill up the data during the fixed duration.
The users of bank-led mobile payment, banks and enterprises allowed for mobile banking, mobile banking services and merchant acquiring should go to the nearest Agents/banks to make a Level 2 upgrade in time and those who do not want to upgrade to Level-2 can contact the banks and mobile banking service counters to ensure the proper ways to use the remaining balance, it said. —NN/GNLM