The Central Bank of Myanmar has issued a statement clarifying that the rumors about some Thai banks halting financial transactions with Myanmar banks are false.
False news has been spreading among the Myanmar public that some banks, including Thailand's Kasikorn Bank (K Bank) and Siam Commercial Bank (SCB), will suspend financial transactions with Myanmar banks by the end of August 2024.
According to the statements from Kasikorn Bank (K Bank), Head Office, and Siam Commercial Bank (SCB) Myanmar, they will continue to carry out all payment services and transactions as usual, merely conducting enhanced due diligence (EDD) on those they deal with.
Thai banks are complying with the directives of the AMLO and are continuing to provide financial services. They only freeze accounts or take action according to relevant authorities' instructions when there are suspicious or illegal activities. Banks are performing enhanced due diligence in money transfers and other financial services, and there is no indication of suspicious activities from Myanmar businesses, which are conducting legal trade. Therefore, regular banking services will continue.
The financial transactions through Myanmar banks, both domestic and international, are essential for Myanmar citizens to import necessary goods and business materials.
Myanmar citizens open bank accounts in Thai banks, following the banks' policies and regulations, and submitting the required documents, to pay for healthcare in Thailand, pursue education at Thai universities, or send salaries back to their families via official banking channels when working legally in Thailand.
State-owned banks in Myanmar are strictly following the guidelines set by the Central Bank of Myanmar, ensuring thorough checks on the information of those they deal with. They are also enhancing due diligence processes when conducting international financial transactions.
The Ministry of Planning and Finance has announced that Thai banks and Myanmar's economic banks are continuing to work systematically to ensure the smooth operation of international banking activities.
