UNB, Dhaka :
Bangladesh Bank on Sunday issued a ‘Master Circular (MC)’ containing detailed policies, rules, regulations and compliances for banks to resist the money laundering activities.
The MC, issued by the Bangladesh Financial Intelligence Unit (BFIU) of the central bank on the basis of the Money Laundering Act 2012 and Anti-Terrorism Act 2009, directed all the chief executives of the banks and other staff to follow the policies, rules, regulations and compliances as an obligation.
As per the 58-page MC, all the banks have to frame their own policies on the basis of the MC and these policies have to be approved by the respective boards of the banks. These policies should be brought to the notice of all the staff members.
All the bank chief executives will make declaration to resist any kind of money laundering or terrorist activities for their staff and give directives to implement the declaration.
Each bank will set up a five-member Central Compliance Unit (CCU) with a senior official as its head at the head office under the direct supervision of the chief executive to monitor the activities, directives of central banks and also bank’s compliances.
The responsible official will act as the chief anti-money laundering compliance officer (CAMLCO). The CCU will
submit a report in every six months to the chief executive of the bank and it has to be placed to the board meeting along with chief executive’s recommendations.
Each branch of a bank will have its own anti-money laundering compliance officer to monitor and report about the compliance of the branch. This branch officer will analyse the clients’ identities, transactions, and identify suspected transaction and report, preserve the records and also arrange trainings for the branch staffs.
The banks will fix necessary mechanism to resist the money laundering in the agent banking and mobile financial services. In this regard, bank will apply screening mechanism and will not allow opening of any account in any fake name or disguised name.
The banks will not establish any relation with “shell banks” operating from a country where they don’t have any branch. The banks have to do a customer due diligence before opening an account for a client.
The banks have to maintain detail information and telephone numbers of money sender and beneficiary while dealing with a money transfer through TT or any instruments.
Bangladesh Bank on Sunday issued a ‘Master Circular (MC)’ containing detailed policies, rules, regulations and compliances for banks to resist the money laundering activities.
The MC, issued by the Bangladesh Financial Intelligence Unit (BFIU) of the central bank on the basis of the Money Laundering Act 2012 and Anti-Terrorism Act 2009, directed all the chief executives of the banks and other staff to follow the policies, rules, regulations and compliances as an obligation.
As per the 58-page MC, all the banks have to frame their own policies on the basis of the MC and these policies have to be approved by the respective boards of the banks. These policies should be brought to the notice of all the staff members.
All the bank chief executives will make declaration to resist any kind of money laundering or terrorist activities for their staff and give directives to implement the declaration.
Each bank will set up a five-member Central Compliance Unit (CCU) with a senior official as its head at the head office under the direct supervision of the chief executive to monitor the activities, directives of central banks and also bank’s compliances.
The responsible official will act as the chief anti-money laundering compliance officer (CAMLCO). The CCU will
submit a report in every six months to the chief executive of the bank and it has to be placed to the board meeting along with chief executive’s recommendations.
Each branch of a bank will have its own anti-money laundering compliance officer to monitor and report about the compliance of the branch. This branch officer will analyse the clients’ identities, transactions, and identify suspected transaction and report, preserve the records and also arrange trainings for the branch staffs.
The banks will fix necessary mechanism to resist the money laundering in the agent banking and mobile financial services. In this regard, bank will apply screening mechanism and will not allow opening of any account in any fake name or disguised name.
The banks will not establish any relation with “shell banks” operating from a country where they don’t have any branch. The banks have to do a customer due diligence before opening an account for a client.
The banks have to maintain detail information and telephone numbers of money sender and beneficiary while dealing with a money transfer through TT or any instruments.
