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Unauthorized money changers face legal action for illegal transactions

Those individuals involved in selling, buying and transactions of foreign currency without holding a foreign exchange business licence are facing legal action, according to the Central Bank of Myanmar (CBM). Those two businesses (Perfect Money and B to P Money Exchange) were found to execute illegitimate transactions of foreign currency through the digital platform (Facebook) without holding any valid licence of the CBM. They have been sued under Section 42 of the Foreign Exchange Management Law for breach of the provisions of Section 38 of the Foreign Exchange Management Law, according to the statement.

Afterwards, those entities engaged in illegal foreign exchange through the respective Facebook pages (Black Market Rate, USD Exchange Rate, Gold and Forex Trading, Gold and Dollar Market Dollar Buyer and Seller were found to violate the provisions of Section 38 of the law and the operators of those businesses will get sued under the Section 42 of the Law. On 12 June 2022, the CBM notified the people of the unauthorized mobile pay/ mobile wallet and digital money transfer businesses not to have unnecessary losses.

The CBM greenlighted 18 commercial banks, 10 banks for internet banking, eight banks for mobile payment, five institutions for mobile financial service, seven entities for transportation card and shopping card payment, and four companies for MMQR of merchant acquiring service under Sections 40 and 79 of the Central Bank of Myanmar Law, Section 5, 129 and 130 of the Financial Institutions Law, rules and directives of the mobile financial service and mobile banking business and e-payment to ensure safe and effective transaction and regulate the financial sector.

The list of those companies and financial institutions and service providers is notified on the official website of the CBM. At present, illegal mobile money service providers are posted on social media for mobile pay/mobile wallet service, transfer service between clients and payments for transactions of goods and services. The CBM warned the people of illegal transactions and digital financial service providers so that they will not lose their money. Those individuals involved in this will face a fine and/or sentence under Section 172 of the Financial Institutions Law, the CBM stated.

Source: The Global New Light of Myanmar

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