Myanmar May Flower Bank

Myanmar May Flower Bank
Industry Banking
Fate Dissolved
Founded 1994 (1994)
Founder Kyaw Myint
Defunct 2005 (2005)
Headquarters Yangon, Myanmar

Myanmar May Flower Bank was a bank of Burma. Founded in 1994 by U Kyaw Myint, it was formerly the third largest bank in the country with ten branches.[1] Myanmar May Flower Bank was the first bank in Burma to have 24-hour automatic teller machines also was the first to introduce computer networks for transactions back in November 1995.[1] In 1998, U Aik Hok and U Win Naing bought a large number of shares in May Flower Bank from U Kyaw Win, and since then the bank’s activities have declined a little.[1] It has, like Banco Delta Asia, been designated as a "primary money laundering concern" by the United States Treasury and thus is subject to very strict regulations in its dealings with American banks.[2] The bank's license was revoked by government authorities in March 2005 following a money laundering investigation.[3][4]

References

  1. 1 2 3 "Burmese Tycoons Part II". The Irrawaddy. July 2000. Retrieved August 9, 2009.
  2. ↑ http://www.fincen.gov/statutes_regs/patriot/section311.html
  3. ↑ "Myanmar private bank owner charged under money laundering laws". Xinhua. 2 April 2007. Retrieved 2 July 2015.
  4. ↑ "Myanmar government closes suspect banks". Taipei Times. 3 April 2005. Retrieved 2 July 2015.


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