Central Bank calls for full information in mobile payment registration; otherwise, account shall be closed
607
NP News - Sep 17
The Central Bank of Myanmar notified that the mobile payment users shall fill in full data of personal information. The accounts which fail to fill in complete information in the registration shall be closed.
The notification was released on September 16 by the CBM.
At present, those who want to commit wrongful acts are making illegal mobile transactions and getting money dishonestly by deceiving or cheating people via online payment systems without filling in their right information, the CBM said.
In order to solve and take action against those cybercrimes, the CBM and authorities require complete information in the payment system.
The CBM will carry out verifications between the mobile payment account’s name, NRC No. and SIM card No. with information from the e-ID Database that is registered at the Ministry of Labour, Immigration and Population, and SIM registration No. that is registered at the Department of Post and Telecommunications.
The online accounts that fail to have complete information shall be closed permanently, the CBM stated.
The CBM urged the users to update personal information and to upgrade the mobile apps to level 2 in time.
The CBM also stated that there are also money laundering and terrorism financing while online transactions are made transnationally.