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June 9, 2026

Myanmar Issues New Foreign Remittance Business Regulations

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On April 28, 2026, the Central Bank of Myanmar (CBM) issued Notification No. 18/2026 introducing the new Foreign Remittance Business Regulations. The new regulations apply to companies intending to operate foreign remittance businesses in Myanmar that are not licensed banks, non-bank financial institutions, or other financial institutions. The regulations supersede and replace the previous regulatory framework governing foreign remittance businesses under CBM Notification No. 21/2019.

While the overall structure remains familiar, the new regulations introduce more detailed requirements for licensing, operations, reporting, and compliance, with a stronger focus on transparency and regulatory oversight.

Broader Licensing Requirements

Under the new regulations, applicants must submit detailed business plans describing the use of information technology and mobile platforms, along with clear plans for handling remittances from workers abroad and resolving customer complaints.

Financial Thresholds and Reporting Requirements

The baseline financial thresholds remain unchanged. Licensees must maintain a security deposit of MMK 100 million in an escrow account, along with a separate revolving fund dedicated solely to remittance operations.

The new regulations introduce more structured reporting obligations. Licensees are now required to submit daily remittance transaction data by the next business day before noon, in addition to monthly and periodic reporting requirements. Foreign bank account statements must also be submitted regularly, and licensees must provide updates on business operations every six months.

Strengthened AML and CFT Framework

The new regulations place a greater emphasis on anti-money laundering (AML) and counter financing of terrorism (CFT), with tighter controls over management changes. Any changes in shareholding, share transfers, or the appointment of key management personnel such as the managing director require prior approval from the CBM.

Licensing Fees and Validity

The new regulations increase licensing costs, while maintaining the same validity period of three years.

The new regulations provide more detailed grounds for suspension and revocation of licenses. These include failure to commence operations within one year, delays in remittance processing, and non-compliance with regulatory requirements. Penalties remain significant, with fines of at least MMK 10 million for certain violations.

Currency Requirement

A key highlight of the new regulations is the requirement that all outward remittance transactions must be conducted in Myanmar kyat (MMK). Specifically, remittance businesses are required to receive funds in MMK and disburse payments to customers exclusively in MMK.

Outlook

Remittance businesses operating in Myanmar should review their current practices against the new regulations. In particular, businesses may need to update their internal compliance frameworks, strengthen reporting systems, and ensure that ownership and governance structures align with the new approval requirements.

Companies planning to enter the market should prepare for a more detailed licensing process and ensure that all supporting documentation, particularly in relation to foreign operations and AML/CFT compliance, is in place before applying.

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