YANGON (Eleven Media Group/ANN): The Central Bank of Myanmar (CBM) has announced that action is being taken against 20 people who are operating illegal money transferring businesses.
The CBM is cooperating with the members of the Anti-Money Laundering and Anti-Terrorism Financing Task Force: the General Administration Department, Special Investigation Department and Financial Intelligence Unit, to identify the illegal hundi business operators, to carry out awareness activities, to clarify that it is prohibited by law and that action will be taken, to attend compliance training on combating money laundering and terrorism financing and to notify the necessary requirements to apply for an official overseas remittance business license.
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