The Central Bank of Myanmar (CBM) has announced that mobile money transfer accounts will be canceled if they are not upgraded to Level 2.

It has been found that fraudsters are using some mobile payment methods without correctly filling in the information and doing illegal money transactions and financial frauds in a fraudulent way. In addition to this, the CBM stated that in resolving the losses and damages of the public due to financial frauds, it will only be possible for the users to fill in their personal information correctly and completely.

In addition to this, it is necessary to follow procedures related to the fight against money laundering and the financing of terrorism when conducting cross-border payments. The process of properly knowing the electronic communication operators involved in mobile financial service activities, the name filled in mobile financial accounts in accordance with international standards. It is also known that the identity card number and SIM card number will be checked with the information in the electronic registration database of the Ministry of Immigration and Population and the SIM card registration database of the Directorate of Communications.

As a result, the CBM has announced that mobile payment users will be required to upgrade their remittance accounts to Level 2 and accounts that cannot be upgraded in time will be canceled.

Mobile service businesses that are operating in a bank-led manner with the official approval of the CBM, businesses connected with banks that have received permission to operate mobile banking, mobile financial services and the clearing system service business on behalf of the seller are necessary to go to representatives and banks to upgrade their personal information to level 2 in time, and the central bank has also issued a notification for mobile money account owners, who do not want to upgrade to level 2, to communicate with banks and mobile financial services to learn how they can use their balances.