Regulatory Alerts2013-10-29
Added · Updated
BFIU Circular No. 08: Guidelines on Prevention of Money Laundering & Combating Financing of Terrorism for Designated Non-Financial Businesses and Professions
The Bangladesh Financial Intelligence Unit issues guidelines requiring designated non-financial businesses and professions (DNFBPs), including real estate developers, precious metal and stone traders, trust and company service providers, lawyers, notaries, and accountants, to implement anti-money laundering and counter-terrorist financing measures. The document mandates the establishment of internal controls, customer due diligence, record-keeping, and reporting obligations to designated authorities under the Anti-Money Laundering Act, 2012, and the Anti-Terrorism Act, 2009. It defines money laundering and terrorist financing, outlines risk assessment procedures, and specifies the roles of the Financial Intelligence Unit in monitoring compliance.