‘AML-CFT Awareness 2022 High Level Seminar’ by AYA Bank on Money Laundering and Financing of Terrorism
On October 29th, 2022, Compliance Department of AYA Bank in collaboration with the Learning & Developement Department conducted AML-CFT Awareness 2022 High Level Seminar for the Bank's BOD members, Senior Management, HODs and Division Heads via online. Subject matter experts from the Central Bank of Myanmar, Financial Intelligence Unit (FIU) and the Bureau of Special Investigation (BSI) were invited for high level discussions.
At the opening speech, AYA Bank's Executive Chairperson Daw Khin Saw Oo said,
Next, U Aung Kyaw Than, Director of Monetary Policy Affairs and Financial Institutions Regulation Department, The Central Bank of Myanmar, gave a presentation on the topic of ‘The Role of Bank's Senior Management in AML/CFT Preventive Measures’. He shared knowledge on anti-money laundering and discussed on practices to be complied by the BOD and Senior Management, HOD.
U Zaw Moe, Director of Financial Institutions Supervision (FISD) Department, The Central Bank of Myanmar, discussed on risk management measurements practised by The Central Bank of Myanmar, rating scores obtained for offsite and onsite inspection of AML Risk and mitigation points.
Under the title of Financial Action Task Force-FATF and Myanmar "Challenges and Opportunities", Colonel U Myint Soe from FIU spoke about the current situation in Myanmar, recommended actions to be taken and cooperation required from the banks. In addition, U Thurin Aung, the Deputy Director of BSI, gave a lecture on ‘Preventive Measures’ and ‘Countering the Financing of Proliferation’.
In conclusion, U Than Zaw, the Vice Chairman of AYA Bank, Chairman of the Board Risk and Compliance Committee, expressed his gratitude on behalf of the Bank to the experts who gave lectures on the subject for the seminar today, and the seminar was adjourned.
Statement by the Myanmar Banks Association (MBA) regarding Development and Implementation of Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT)
The Myanmar Banks Association issued a statement on 13 th October, 2022 regarding the implementation of AML/CFT by member banks and distributed to the member banks. In this statement, MBA announced the formation of the sub-committee on (AML/CFT); participating in the implementation of the national level strategic area to combat money laundering and terrorism financing; conducting (AML/CFT) knowledge sharing sessions; awareness raising regarding the financing of proliferation and the cooperation of member banks, as dedicated by the efforts of MBA.
The full statement can be read in both English and Burmese languages.
AYA Bank has conducted regular sharing sessions on AML/CFT process for senior management and all levels of employees at the bank and established effective implementation continuously.
In addition, following are implemented by the concerned officials.
• Senior management of the Bank and relevant departments understand the of the importance of Anit-Money Laundering Aand Terrorist Financing (AML/CFT) and establish related policies, procedures and proceeding;
• The Bank's Board Risk and Compliance Committee holds monthly meetings and provides necessary guideline and recommendations;
• Focused inspection on anti-money laundering and anti-terrorist financing communications
• Ensure that employees are aware of and follow instructions on combating money laundering and terrorist financing;
• According to the process of the Financial Action Task Force (FATF), the Bank complies and implements under the guidelines of the AML/CFT National Strategic Area (3) Implementation Committee;
• Enhance the knowledge and understanding of the Bank's compliance officers to implement and comply with the instructions set by the Bank in accordance with the rules established by the Central Bank of Myanmar.
To improve understanding of the Bank’s employees on the risks of loss regarding AML/CFT and financing of proliferation, subject experts from the Financial Intelligence Unit and the Special Investigation Department were invited to hold seminars for the awareness raising program and workshops every year.
Board Risk & Compliance Committee Meeting (3/2022)
The Board Risk & Compliance Committee meeting (3/2022) was held on 12th August, 2022 at Pathein Conference Room of AYA Bank Head Office. The Bank's Senior Management, Department Heads, Compliance Officers and Division Heads attended and participated in discussions on conerned sectors.
Financial Crime Seminar 2022
‘The Financial Crime Seminar 2022’ organized by The Association of Banks in Singapore, held on 7-8 July, 2022, was participated by members of AYA Bank's Senior Management; Compliance Officers from concerned departments and Risk Managers through Webex.
In the seminar, the following topics were discussed by subject-specific experts.
• Cryptocurrencies – risks, regulations and practices
• Cryptocurrency investment scams and ransomware attacks
• Establisha defense mechanism against financial crimes by fostering an effective and sustainable culture
• Raising awareness and regulatory expectations in environmental crime
• Building and expanding efficiencies in data analytics
AML/CFT Virtual Workshop 2022
Enterprise Risk Management and Compliance (ERMC) Department explained Compliance Officers' responsibilities at branches, things to do, how to get customer KYC, CDD execution time and information, reporting matters, record keeping and penalties.
AML/CFT Awareness Seminar 2021
An AML/CFT Awareness Seminar 2021 for the employees of AYA Bank, which is held regularly every year, was organized on 6th November, 2021 with a Zoom Seminar. At the seminar, relevant external subject-specific experts gave lectures, BOD members from AYA Bank, members of Senior Management, Compliance Officers and Compliance Members from the head office and branches attended.
Firstly, Daw Khin Saw Oo, Executive Chairman of AYA Bank, Chairman of Myanmar Banks Association and Chairman of the Association of Banks of ASEAN countries, delivered an opening speech and discussed the AML/CFT Framework. Next, Daw Yee Mar Myint, Director of the Central Bank of Myanmar discussed on "AML/CFT Preventive Measure for Banks", U Zaw Moe, Director of the Central Bank of Myanmar discussed on "AML/CFT Awareness Training Course for Banks", U Myint Soe, Deputy Chief of the Financial Intelligence Unit (FIU) discussed "FIU Role and Functions, Current ICRG process & Risk" and U Thurin Aung, Deputy Director of the Bureau of Special Investigation (BSI) discussed on "AML/CFT & Countering the Financing of Proliferation" respectively.
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