As part of the ongoing scheme, employees and vendors were paid in cash while hundreds of thousands of dollars were hidden in the restaurants, in personal safes, and in bank safe deposit boxes.

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Most banks that now have cash prefer to deposit funds at the European Central Bank (ECB), which in turn lends it on to those that are short of it.

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Aussino said the exchange also expressed reservations about Aussino's future access to land critical to its operations citing Myanmar's ban on foreign ownership of land and its post-merger plan to deposit 65% of its cash in Mr. Zaw Zaw's own Ayeyarwady Bank, which also is subject to U.S. sanctions.

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Operators, known as hawaladars, pool remittance cash with funds from their other businesses and deposit them into traditional bank accounts or dollar-denominated accounts in Dubai or other financial centers.

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Indeed, by virtue of bank executives having much of their net worth tied up in the banks they run (bonuses are heavily weighted toward restricted stock in the bank, as opposed to cash), it's a bit of a reach to suggest that deposit insurance--which doesn't protect the share prices of banks from collapse--somehow fosters excessive gambling meant to imperil that same net worth.

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