The central bank is set to bring all reporting agencies under its digital connectivity by the end of this calendar year to help check money laundering, considered main conduit for capital flight.
A technical workshop was organised by the Bangladesh Bank at the central bank headquarters in Dhaka Monday to bring country's non-banking financial institutions (NBFIs) under the BB's online system.
"We've asked the senior officials of NBFIs to start submission of their suspicious transaction report (STR) instantly, using our online facility," a BB senior official told the FE after the meeting.
He also said the central bank officials were informed about technical features of the software at the workshop to run the online systems smoothly.
"The NBFIs completed their registration process at the workshop for using such connectivity of the Bangladesh Financial Intelligence Unit (BFIU) to submit their STR," the central banker noted.
Under the new mechanisms, the central bank may allow the NBFIs to submit such report to the BFIU by using both manual and online systems from first three months, according to the official.
The BB earlier introduced the online systems through installing 'goAML' software for collection of both STR and cash transaction report (CTR) from the commercial banks and the financial institutions.The goAML is the United Nations Office on Drugs and Crime (UNODC)'s standard software system available for financial intelligence units to check the twin problem like terror financing and money laundering.
The commercial banks are now submitting their both STR and CTR to the central bank through using the digital connectivity.
"We're working to bring other reporting agencies, including moneychangers, stockbrokers and dealers, real-estate developers, cooperative societies, jewellery shops and various professional groups, under our digital connectivity by the end of 2014," another BB official said.
He also said the reporting agencies must report to the BFIU of central bank instantly, if they think any transaction is suspicious.
Besides, the BB is now exchanging information relating to money laundering with 19 agencies to effective carry out the UN-designed combat against such financial crimes.
The agencies include the National Board of Revenue (NBR), the Anti-Corruption Commission (ACC) and the Criminal Investigation Department of police.
