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BB rolls out directives for banks to counter money laundering

Rejaul Karim Byron
The central bank yesterday asked commercial banks and financial institutions to build a system to prevent and identify tenor financing and transactions.
Bangladesh Bank also spelled out a series of directives for insurance companies and moneychangers separately in line with the two new ordinances designed to counter money-laundering and terror financing.
The central bank sent out the directives in letters to the chief executives of the organisations.
Commercial banks and financial institutions will no longer be able to open anonymous and fictitious accounts. They will have to gather and maintain adequate information about sources of money and authentic beneficiary, according to the BB
The banks and financial institutions will have to identify the possible risks in providing technology-based services to distant clients living in foreign countries.
All the directives will also be applicable to foreign branches or subsidiaries of the organisations.
If any suspicious transaction is spotted, it will have to be reported to the central bank.
Bangladesh Bank further asked all organisations to find ways of identifying the transactions carried out for terrorist activities through the banking channel.
The central bank for the first time rolled out the directives on anti-money laundering and terror financing prevention to insurers and moneychangers.
The moneychangers will have to gather and maintain adequate information about their clients for at least five years. They will have to report
to the central bank if they find any suspicious financial transaction.
The insurers will also have to follow the same directives made by the central bank.
In addition, the insurance companies will have to preserve details about policyholders, policy closure, maturity and withdrawal for at least five years.
The caretaker government has recently passed a new anti-money laundering act, scrapping the previous law as part of a global fight against militant financing. Also, the government enacted a new law to prevent terror financing.
The central bank said the commercial banks, financial institutions, insurance companies and moneychangers will have to play a responsible role in implementing the directives.
The central bank also asked the organisations to train their employees on the two laws.