CBM to act against unlicensed bank operations
THE Central Bank of Myanmar (CBM) announced on 19 May that CBM would take legal action against operating a bank without a licence.
The Central Bank of Myanmar has been issuing banking licences and non-bank financial institution registration, and setting regulations, guidelines, and supervising them in accordance with the Central Bank of Myanmar Law and the Financial Institutions Law enacted by Pyidaungsu Hluttaw.
Furthermore, the list of banks and non-bank financial institutions authorized by the CBM is published on the CBM’s official website: www.cbm.gov. mm.
Therefore, CBM advises the public not to engage with any institutions to avoid unwanted losses, including digital banks advertised on social media that are not included in the list.
According to Section 158 of the Financial Institutions Law, no one is allowed to establish or operate a bank without a license. Any violation of this prohibition will result in legal action under Section 171 of this law. — NN/KK
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