Big banks face scrutiny over business with Myanmar lender

Australia’s ANZ is among the big banks accused of doing business with a bank owned by Myanmar’s military administration [File: Reuters}

Major international banks, including Australia’s ANZ, have continued to do business with a bank owned by Myanmar’s military administration despite its bloody crackdown on anti-coup protests, according to an advocacy group and leaked documents.

ANZ, one of Australia’s “big four” banks, was used by Hong Kong-based insurer AIA to transfer funds to accounts operated by Innwa Bank, which is owned by military conglomerate Myanmar Economic Corporation (MEC), in August and September 2021, Justice for Myanmar said, citing leaked bank documents.