Myanmar May Flower Bank
| Industry | Banking |
|---|---|
| Founded | 1994 |
| Founder | Kyaw Myint |
| Defunct | 2005 |
| Fate | Dissolved |
| Headquarters | , |
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Treasury and thus is subject to very strict regulations in its dealings with American banks.[2] The bank's license was revoked by government authorities in March 2005 following a money laundering investigation.[3][4]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
- ^ a b c "Burmese Tycoons Part II". The Irrawaddy. July 2000. Retrieved August 9, 2009.
- ^ http://www.fincen.gov/statutes_regs/patriot/section311.html
- ^ "Myanmar private bank owner charged under money laundering laws". Xinhua. 2 April 2007. Retrieved 2 July 2015.
- ^ "Myanmar government closes suspect banks". Taipei Times. 3 April 2005. Retrieved 2 July 2015.
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