Regulatory Alerts2008-08-14
Added · Updated
AML Circular No. 20: Instructions to Money Changers for Compliance with Money Laundering Prevention Ordinance 2008 and Anti Terrorism Ordinance 2008
Money changers in Bangladesh must preserve complete customer introductory records for at least five years and report unusual or suspicious transactions immediately to the Anti-Money Laundering Department of Bangladesh Bank in writing using the prescribed proforma. Officials are prohibited from disclosing any information regarding reported suspicious transactions to clients or other persons to prevent hindering investigations. Additionally, money changers are required to arrange appropriate training for their officials to ensure compliance with the Money Laundering Prevention Ordinance 2008, Anti Terrorism Ordinance 2008, and relevant Foreign Exchange policy instructions.