Myanmar May Flower Bank

Myanmar May Flower Bank

The Myanmar May Flower Bank is a bank of Burma. Founded in 1994 by U Kyaw Myint, it is the third largest bank in the country with ten branches.[1]It 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]

References

  1. ^ a b c "Burmese Tycoons Part II". The Irrawaddy. July 2000. http://www.irrawaddy.org/print_article.php?art_id=1924. Retrieved August 9, 2009. 
  2. ^ http://www.fincen.gov/statutes_regs/patriot/section311.html


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