CBM denies rumors of Thai banks suspending remittances with Myanmar banks
September 03, 2024


The Central Bank of Myanmar clarified on 1 September that some Thai banks claimed the suspension of remittance with Myanmar banks was just misinformation.
False news claiming that some banks in Thailand, including Kasikorn Bank (K Bank) and Siam Commercial Bank (SC Myanmar, would suspend remittance to Myanmar at the end of August 2024 is disseminated among the public.
According to announcements of Kasikorn Bank (K Bank), Head Office of Siam Commercial Bank (SC Myanmar, it was just applying Enhanced Due Diligence (EDD) measures on those associated with banks. Banking operations, including transactions, will be provided as usual.
In accordance with the instructions of the Anti-Money Laundering Office (AMLO), Thailand’s key agency responsible for the enforcement of anti-money laundering and counter-terrorism financing terrorism, all Thai banks comply with the Anti-Money Laundering Act and serve transactions for customers. Only when suspicious transactions and illegal activities are recognized can banks freeze accounts under instructions of the relevant authorities, CBM stated.
Banks conduct Enhanced Due Diligence-EDD measures to check and monitor high-risk customers and unusual transactions to identify financial crimes. As no suspicious financial transactions or illegal activities have been detected in Myanmar’s trading businesses, banking operations will be regularly supported. — NN/KK