YANGON: The risks of money laundering and terrorist financing have become more complex due to the increased use of cross-border remittances and digital financial systems, said Dr Khin Naing Oo, Auditor General of the Union, Chairman of the Myanmar Accounting Council, and Patron of the Myanmar Association of Certified Public Accountants.
As this becomes more complex and unpredictable, accountants will have to play a critical role not only in providing accounting services but also as gatekeepers for AML/CFT, he added.
He made the remarks while sending a video message to the awareness-raising lecture titled “AML/CFT Compliance Awareness Training for Accountants and CDD, EDD & STR Red Flag Indicator Typologies” held in a hybrid format at the Nawaday Hall of the Advanced Accounting and Auditing Training Institute in Yangon on Monday (Feb 16), jointly organised by the Myanmar Accounting Council and the Myanmar Association of Certified Public Accountants.
The Union Auditor General said that since 2022, when the Myanmar Accounting Council was assigned as the supervisory authority for accountants, it has been continuously implementing AML/CFT (Anti-Money Laundering and Countering the Financing of Terrorism) directives, training, seminars, implementing national strategic goals and plans, and conducting off-site/on-site inspections.
The lecture was held with the aim of providing accounting firms with a better understanding of the points they need to know and comply with regarding CDD, EDD, and STR submissions.
The topics “CDD (Customer Due Diligence), EDD (Enhanced Due Diligence), and STR Red Flag Indicator Typologies” that will be discussed today are directly related to the responsibilities that accounting firms must comply with, and the rapid changes in the business world, As cross-border transactions and the expansion of digital financial systems have made money laundering and terrorist financing risks more complex and unpredictable, accounting professionals must play a critical role not only in providing accounting services but also as gatekeepers for AML/CFT.
Accounting professionals should learn from the discussions and participate actively in AML/CFT activities to make their operations more secure, improve their compliance with the law, and build a business environment that is in line with international standards.
Then, U Kyaw Nyunt, the patron of the Myanmar Association of Certified Public Accountants, and U Wan Tin, the president of the association, delivered speeches, while Daw Khine Zin Win, the deputy director of the Myanmar Accounting Council, spoke on the topic of CDD, EDD & STR Red Flag Indicator Typologies, and U Thu Rein Aung, the deputy director of the Special Investigation Department, spoke on the topic of “Responsibilities of Auditors/Accountants in Combating Money Laundering, Terrorist Financing, and the Financing of the Proliferation of Weapons of Mass Destruction.” - Eleven Media/ANN
