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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,
- Due to the challenges and risks encountered in the banking industry, the Bank must be able to manage risks effectively to improve its business on one hand and achieve a sound & stable financial standing on the other hand.
- In regard to internal control, it is important to hold seminars and workshops for Board Members, Senior Management and Managers to improve their AML- CFT Awareness.
- This seminar is conducted to increase knowledge on AML-CFT and learn how to apply, so that the attendees are encouraged to learn with respect and apply in practice.
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.
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.
AYA Bank's 4th Board of Directors' Meeting for FY2020-2021 was held today on 14th of May 2021. At the meeting, AYA Bank's Founder and Chairman U Zaw Zaw gave an opening remark by congratulating Daw Khin Saw Oo, Executive Chairman of AYA Bank on her being appointed as Chairman of the Myanmar Banks Association during it's recent Annual General Meeting, on behalf of AYA Bank. Other respective members of the Board discussed and give recommendations according to the agenda and the meeting adjourned at noon.
On 10th August 2020, top ten companies which pay the highest income tax, commercial tax, and special commodity tax for the State in the Assessement year 2018-2019 was awarded a Certificate of Honor and AYA has been recognized as one of the top income taxpayers’ companies in Myanmar. AYA is a member of AYA Fianncial Group and also Myanmar’s leading technology based bank providing financial services with along with AYA Trust (Financial Securities)and AYA SOMPO (Insurance).
It is our honor to announce that AYA Bank has again won the Best Bank for SMEs Award selected by Asismoney for the Year 2020. AYA Bank stand as the most technologically advanced Bank in Myanmar within a short time. It is recognized as the best Bank supporting SMEs businesses due to the fact that it has been providing banking services for the development of SME in various ways.
In cooperaton with international financial supporting organizations, AYA will expand to a variety of SMEs and will do the selection of potential business and provision of loans at its best.
A seamless digital mobile application known as Mandalay Smart Pay (MSP) was introduced for the citizens of Mandalay to enjoy payment online such as MCDC bills and other partnered payment outlets. A signing Ceremony on financial partnership between Mandalay Smart Pay (MSP) and AYA Bank was conducted in Mandalay on the 14th of March 2020 at the Mandalay Convention Center. The signing ceremony was attended, and the partnership agreement was signed by the Mandalay Mayor Dr. Ye Lwin and AYA Bank Managing Director U Myint Zaw. Mandalay Smart Pay (MSP) and AYA Bank will collaborate on financial digital payments for the benefit of the citizens of Mandalay.
The Graduation Ceremony of the 108th Batch of the Basic Banking training was held at 2 pm at the AYA Bank Head office (ROWE) on the 11th March 2020. The ceremony was attended by the Head of Departments, the trainers, the trainees, and U Ko Ko Oo (Senior Chief Risk and Compliance Officer) of AYA Bank delivered the graduation speech.
After that, the invited Head of Departments awarded the trainees with certificates of completion and the outstanding achievers in the course were awarded with recognition medals and souvenirs. The first prize was awarded to Daw Hnin Nwe Oo from Yangon, the second prize to Daw Eaindra Tun from Kaw Ka Yeik and the third prize to Daw Yamin Phyo from Tha Paung and U Zaw Myo Aung from Yangon. On behalf of all trainees, one of the trainees expressed their gratitude, took commemorative photos with the officials presents and ended the ceremony. In the course, fifty-five trainees who will be working in Yangon, Pinlon, Kaw Ka Yeik, Myawaddy and Tha Paung were given both classroom and practical training. The duration of the training was six weeks.
We are proud to announce that we have extended our services to the public by opening the 261st Branch Office in Kawkareik.U Ko Ko Oo, Senior Chief Risk and Compliance Officer of AYA Bank, Head Office and responsible personnels from Region, Zone and Branch of AYA Bank extended a warm welcome at the opening ceremony to all attendees from respective government authorities, partner banks, the community and the customers of AYA Bank.