Regulatory Alerts2026-03-30
Added · Updated
BFIU Circular No. 29: Guidelines on Electronic Know Your Customer (e-KYC) for Insurance Companies and Capital Market Intermediaries
The Bangladesh Financial Intelligence Unit (BFIU) mandates insurance companies and capital market intermediaries to implement updated electronic Know Your Customer (e-KYC) guidelines for digital customer onboarding and identity verification. Institutions must utilize biometric matching against the National Identification database through fingerprint or face-recognition models, applying simplified due diligence for low-risk products and regular or enhanced measures for higher-risk scenarios. Compliance is required by 31 December 2026, aiming to accelerate financial inclusion, reduce operational costs, and strengthen anti-money laundering and counter-terrorist financing safeguards.