Banks Ordered to Improve Customer Due Diligence

26
Feb
2020

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On 15 November 2019, the Central Bank of Myanmar (“CBM”) issued Directive 18/2019 on 15 November 2019 on customer due diligence. The directive sets out guidelines for customer due diligence, and mandates that banks develop an effective framework and practices in order to conduct risk assessments and manage money laundering and terrorism financing risks.

Highlights of this note

  • Required documents
  • Ongoing monitoring
  • Determination of beneficial owners
  • Dealings with other banks
  • Reporting requirements
  • Compliance officer and audit
  • Record keeping
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