BFIU Circular Letter No. 02: Instructions to be followed by Insurance Companies to nominate Chief Anti Money Laundering Compliance Officer (CAMLCO)

Bangladesh Financial Intelligence Unit Bangladesh Bank Head Office Dhaka. Website: www.bfiu.gov.bd

BFIU Circular Letter No. 02/2017 Date:

To the Chief Executive Officer / Managing Director All Insurance Companies operating in Bangladesh

Instructions to be followed by Insurance Companies to nominate Chief Anti Money Laundering Compliance Officer (CAMLCO).

Dear Sir,

Paragraph 1.3(1)(c) of BFIU Circular-16 dated September 10, 2015, has instructed each insurance institution to appoint a qualified person as the Chief Anti Money Laundering Compliance Officer (CAMLCO). Now, this instruction is being provided that the person to be considered as the qualified person shall be from the two (2) hierarchical levels immediately below the Chief Executive Officer of the insurance institution.

It is mentioned that in the selection of the CAMLCO for insurance companies/corporations, it is desirable that the appointed person has a thorough understanding of the existing laws, rules and regulations on Money Laundering and Terrorist Financing, all instructions of the BFIU, and international standards in this regard.

It is advised to inform this unit of the updated information of the appointed CAMLCO, who has been selected following the appropriate instructions, within the next fifteen (15) days. In the event of any future change in the nomination, the appointed person must be informed of this unit immediately following the appropriate instructions.

Please acknowledge receipt.

Yours faithfully,

(Deb Prasad Debnath) General Manager Phone: 9530118

Copy No: BFIU(Insurance)-1/2017- Date: As above

Copies are sent to the following for information and necessary action (in order of seniority):

1. Chairman, Insurance Development and Regulatory Authority, ESC Tower (8th Floor), 37/A Dilkusha B/Area, Dhaka.
2. Secretary to the Governor, Bangladesh Bank, Head Office, Dhaka.
3. Private Secretary to the Governor, Bangladesh Bank, Head Office, Dhaka.
4. Deputy Governor and Joint Director/Assistant Director attached with the Head of BFIU, Bangladesh Bank, Head Office, Dhaka.
5. Private Assistant to the Managing Director and Deputy Head of BFIU, Bangladesh Bank, Head Office, Dhaka.
6. Chairman, Bangladesh Insurance Association, Hosain Tower (9th Floor), House No. 116, New Paltan, Box Culvert Road, Dhaka.
7. Chairman, Bangladesh Insurance Forum, People's Insurance Building (2nd Floor), 36, Dilkusha B/Area, Dhaka.

(Md. Golam Kabir) Joint Director Phone: 255665001-20/20280 E-mail: md.golam.kabir@bfiu.gov.bd

06 Magh, 1423 19 January, 2017