The Regulator for Microfinance Institutions in Myanmar, FRD issued 3 trainings/presentations which Easy Microfinance hereby would like to share. Below you will find download links an a short description of the presentations.

A presentation about responsibilities of reporting institutions regarding AML/CFT to FRD. It defines the definition on money laundering, different levels and types of money laundering (placement, layering, integration), international standards relating to money laundering and their preventive measures. There is also a session on how organization should perform risk assessment and risk based approach. Information on customer due diligence process, record keeping process, information on high risk countries, Suspicious Transaction Reporting, reporting of crime, predicate offences, reporting deadline, importance of tipping off and confidentiality, offences and penalties on AML/CFT, importance of cooperation with law enforcement agencies, areas that reporting organizations should focus on (record keeping, reporting, CTR + STR, employee due diligence, ongoing training) have been mentioned in the slides.

This presentation mentions about the international standards on AML and CFT and Myanmar efforts on implementing those. In addition, information is shared on UN International Convention, international governments and their activities on AML/CFT and Myanmar’s implementation as well as potential consequences if institutions fail to follow AML / CFT measures and how member states conduct mutual evaluations to improve AML/CFT activities.

The third presentation is about countering the financing of proliferation. Detail information mentioned in the slides are as follows:

  • Definition of proliferation
  • Types of proliferation financing
  • Levels of proliferation financing
  • FATF’s (Financial Action Task Force) recommendations for proliferation
  • Applicable FATF’s standards for proliferation
  • How to assess risks and how to apply a risk-based approach
  • Risk factors of proliferation and their consequences (country/ geographic risk, customer/vendor risk, product and service risk)
  • The importance of National cooperation and coordination
  • Types of organizations that should participate in countering the financing of proliferation (including AML and CFT)
  • Result from mutual evaluation (Myanmar)
  • Recent changes in UNSCR TFS on proliferation financing
  • Lists of Sanction measures (detail list of prohibited items)
  • Red Flags for proliferation suspicious activities and sanction evasion
  • Local framework on proliferation
  • Directives on proliferation imposed by local authorities
  • How monitoring / follow up process should be done and what is the offences and penalties

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© 2019 MC Easy Microfinance Company Limited.

© 2019 MC Easy Microfinance Company Limited.