18/05/2026
Myanmar’s New Foreign Remittance Regulations
The Central Bank of Myanmar recently issued Notification No. 18/2026 on 28 April 2026, introducing a new regulatory framework for foreign remittance businesses in Myanmar. The notification replaces the previous 2019 regulation and applies to companies incorporated in Myanmar that provide foreign remittance services.
Under the new rules, businesses applying for a foreign remittance licence must pay an initial licence fee of MMK 3 million. In addition, an annual operating fee of MMK 300,000 is required. The licence is valid for three years, and companies must pay a renewal fee of MMK 1 million when renewing the licence.
The regulations also introduce financial safeguard requirements. Licence holders must maintain a security deposit of MMK 100 million in an escrow account approved by the Central Bank at an authorized dealer bank. Businesses are also required to keep their operational funds in a separate revolving fund account. In addition, operators may open no more than two bank accounts per foreign country for remittance activities.
A major focus of the new framework is regulatory compliance and financial security. All licence holders must appoint a dedicated Compliance Officer responsible for ensuring compliance with anti-money laundering (“AML”) and counter-terrorism financing (“CTF”) laws and regulations.
Remittance businesses are required to conduct customer due diligence before processing transactions. This includes collecting and verifying customer information such as full name, NRC or passport details, permanent address, and the purpose of the transfer. Operators must also screen customers against terrorist watchlists issued by the United Nations and the Central Bank of Myanmar. If a match is identified, the relevant funds must be frozen immediately in accordance with applicable regulations.
The notification does not specify fixed transaction limits. Instead, inward remittances must comply with the laws and requirements of the sending country and relevant international organizations, while outward remittances must follow the directives issued by the Central Bank from time to time.
The regulations further require businesses to maintain transaction records and customer information for at least five years. Newly licensed businesses must also commence operations within one year from the date the licence is granted. Failure to do so may result in suspension of the licence.
