Users can report to CBM directly if their accounts are frozen unfairly: KPay

The customers of KPay, a mobile wallet powered by the KBZ Bank, can directly submit their complaints to the Central Bank of Myanmar (CBM) if their accounts are temporarily restricted for no apparent reason, according to KPay’s statement.
At present, some KPay accounts were temporarily frozen according to a directive of the Financial Regulatory Institution. We sincerely regret any inconvenience to the customers, said the KBZ in its statement. If the customers believe that their accounts are frozen without reason, they can file complaints directly to the CBM through [email protected].
There are two KPay apps depending on the customer segment, with the Customer App coloured blue for customers and KPay Partner App coloured red for businesses.
Under the Financial Institutions Law 2014, the banks and all non-bank financial institutions provide services holding licences issued by the CBM. All banks are committed to directives, rules and regulations of the Central Bank, including notifications regarding the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) in 2015.
The identification of the mobile wallet users will be verified with that recorded at the immigration. Therefore, the users of mobile wallet apps are required to upgrade to Level 2 status and all the information must be filled in correctly. Unless they do so, their accounts will be cancelled, according to the CBM’s notification dated 16 September.—TWA/GNLM