CBM suspends a private money dealer’s license for three months for failing to follow directives
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Khit / Phoo Pyae (NP News) - Sep 19
One of the leading private money changers in Yangon, 126 Money Changer, is owned by Family Moe Paing Co.,ltd has been suspended license for three months starting from September 19, 2022 by the Central Bank of Myanmar (CBM) as it doesn’t comply with the instructions issued by the CBM.
The Family Moe Paing Company received the Authorized Dealer license for money changer in August 2013 during the administration of then-President Thein Sein.
Section 22 of the Foreign Exchange Management Law prescribes that the businesses that hold the AD license shall follow and obey rules and regulations, notifications, orders, directives, procedures, and terms and conditions of business licenses that are issued in accordance with this law.
Violation against the provisions shall be undertaken as per Section 35 of the law. Section 35 prescribes:
The Central Bank may, if the authorized person to deal in foreign exchange license violates any of the provisions of chapter VI of this Law, be liable to any of the following administrative penalties:
(a) warning
(b) passing orders including the restrictions of the foreign exchange activities;
(c) fine;
(d) suspension or termination permanently the responsible person or relevant personnel from duties;
(e) revocation of license.
Five money exchange counters of Family Moe Paing Company including one from Kyauktada township and four from Bahan township are forced to suspend operations for three months as per Section 35 of the law for violation of Section 22.
Section 36 of the law states, “the person who does not satisfy in relation to any decisions passed by the Central Bank under section 35 may apply to the Supreme Court of the Union in accord with the stipulations.”
The Central Bank of Myanmar allows banks and non-bank companies licenses for purchasing and selling foreign currency since December 2012.