Regulatory Alerts2017-09-20
Added · Updated
BFIU Circular Letter No. 04: Issuance of Uniform KYC Profile Form for Insurance Companies
The Bangladesh Financial Intelligence Unit mandates that all insurance companies operating in Bangladesh issue and implement a Uniform KYC Profile Form for life and non-life insurance policies by January 1, 2018. Insurance companies are required to collect accurate and complete customer information, verify identity documents, and conduct risk assessments to classify customers as low or high risk, with enhanced monitoring for high-risk cases. The circular specifies that the forms may be printed in either Bengali or English and outlines the specific data fields and verification procedures required for individual, corporate, and group insurance policies.