Regulatory Alerts2008-08-10
Added · Updated
AML Circular No. 18: Instructions to Insurance Companies for Compliance with the Money Laundering Prevention Ordinance, 2008
Insurance companies in Bangladesh must establish a Central Compliance Unit at their Head Office and appoint branch-level compliance officers to monitor transactions and prevent money laundering. These entities are required to collect and verify customer information before issuing policies, preserve transaction records for at least five years, and provide such records to Bangladesh Bank upon request. Suspicious transactions must be reported immediately to the Central Compliance Unit using form “Ka,” which forwards the report to the Anti-Money Laundering Department within five working days. Additionally, insurance companies must arrange appropriate training for officials and inform the Anti-Money Laundering Department of their actions within one month.