SCB says Myanmar transactions unrelated to arms trade claims

The Thai bank said that it conducted an internal investigation.

Siam Commercial Bank (SCB) said that transactions made by its corporate customers in Myanmar have no connection to recent reports of arms trade in the country.

In a press statement posted on its website, SCB said that it conducted an internal investigation in response to said media reports.

“It was found that several transactions made by corporate customers were payments for consumer goods and energy, which are typical business activities. These transactions are not connected to the arms trade as reported in the news, and total value has not significantly increased compared to last year,” SCB said.

SCB said that it performs due diligence to verify accuracy and reports these transactions to relevant authorities before processing.

The Thai banks offer international transaction services between Thailand and Myanmar.

The bank also reaffirmed its commitment to adhering to relevant anti-money laundering and related regulations.