AML Circular No. 23: KYC Procedures for accounts opened before 30th April, 2002

Anti-Money Laundering Department Bangladesh Bank Head Office Dhaka. Website: www.Bangladesh-bank.org AML Circular No. 23 Date : 23 February, 2010 Managing Director/Chief Executive All banks and financial institutions Dear Sir, Regarding the completion of KYC Procedures for the accounts opened before 30 April 2002. Attention is drawn to the AML Circular No. 06 dated 24 July, 2005 on the captioned subject. As per Para 5.12.1 of Guidance Notes on Prevention of Money Laundering, the last date of completion of KYC procedures for the accounts opened before 30 April, 2002 was 31 January, 2010. The accounts for which KYC procedures have not been completed within the stipulated time, shall have to be completed within 31 March, 2010 by sending letters to the customers in appropriate manner and by communicating with them in other ways. The accounts for which it would not be possible to complete the KYC procedures within 31 March, 2010 shall have to be marked as ‘dormant’ after 31 March, 2010. Customers will not be allowed to withdraw money from those dormant accounts but they will be allowed to deposit money into those accounts. Bank can regularize the dormant account by completing the KYC procedures of the accounts after receiving the application from the customer. Please acknowledge receipt. Yours faithfully, Sd/- (M. Mahfuzur Rahman) General Manager Tel: 7120659