Recent incidents of fraudulent withdrawals from mobile financial service accounts have been reported. In light of these incidents, we wish to draw attention to the previously issued, yet still highly relevant, guidelines under Central Bank of Myanmar Notification No. 22/2023 dated 15 September 2023.

These guidelines outline key procedures for addressing mobile financial service fraud, including the following:

• Immediate Reporting by Victims : Fraud victims must promptly report the incident to their bank or mobile wallet operator and the nearest police station, which must open a case without delay and notify the provider via phone, fax, or email.
  
• Account Freezes and Reporting: Banks or mobile wallet operators must verify the complaint, and if confirmed, freeze the relevant accounts for 72 hours, share KYC details with authorities, and report transactions to the CBM and Financial Intelligence Unit (FIU) within 24 hours.
  
• Police Confirmation and Account Handling: If the police confirm a case, the investigation proceeds; otherwise, account freezes are lifted after 72 hours. Requests to reopen accounts must be referred to the CBM with input from investigators.
  
• Interagency Coordination: The CBM, FIU, and Myanmar Police Force will continue to coordinate on legal proceedings, information gathering, and management of temporary account freezes in accordance with the law.

Be aware as these protections roll out!

The information provided here is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.