CBM revokes money changer licenses for over 100 companies


Hsu/ Myo Gyi (NP News) - Sep 20

Central Bank of Myanmar (CBM) announced that more than 100 companies’ money changer licenses are revokes due to their failures to stick to instructions and regulations.

It involves a total of 123 companies in the revocation announcement by the CBM on 19 September.

This action was taken due to their failure to adhere to instructions and regulations issued by the CBM.

Among the companies whose licenses were revoked involve Myanma Power Spectrum, Apex Exchange Trading, Yong Xin, and Toe Tat Aung Companies.

Shwe Nan Taw Wyn၊ Royal Lake Hotel၊ Mandalay Swan Hotel၊ Global Max Asia၊ Asia Oceanid Group၊ Grand Park Hotel and Sedona Hotel (Straits Greenfield Limited).

Additionally, the money changer licenses for Shwe Nan Taw Wyn, Royal Lake Hotel, Mandalay Swan Hotel, Global Max Asia, Asia Oceanid Group, Grand Park Hotel, and Sedona Hotel (Straits Greenfield Limited) were also canceled.

In recent periods, there were more than once that the CBM revoked money exchange licenses.

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