BB's initiatives to strengthen Anti-Money Laundering Act enforcement
Tuesday, 11 September 2007
Siddique Islam
The Bangladesh Bank (BB) has decided to create greater awareness among bank officials about enforcement of existing Anti-Money Laundering Act to help check illegal fund transfers.
Under the move, the central bank will conduct a long-term training programme for bank officials across the country with a view to enhancing their efficiency level, especially in dealing with the rules and regulations relating to the Anti-Money Laundering Act.
"We are committed to check illegal fund transfers through proper enforcement of the existing Anti-Money Laundering Act," a BB senior official told the FE Monday.
During the training programme, some major rules, including suspicious transaction report (STR), cash transaction report (CTR), know your customer (KYC) and transaction profile report, framed under the Anti-Money Laundering Act will be discussed in detail. This would also help check illegal fund transfers in the banking system.
At least 14 commercial banks have been selected to arrange such training programme as lead banks in 56 districts out of 64, official sources said.
Currently, a committee, headed by Acting General Manager of the Anti-Money Laundering Department of the central bank M Mahfuzur Rahman, is overseeing the training programme across the country.
The training programme will be concluded by January 15 next and the concerned banks will have to submit their final reports to the central bank within January 31, 2008.
The reports will be submitted before the meeting of chief anti-money laundering compliance officers, scheduled to be held in February next, for taking next course of actions.
Besides, the central bank is now working on the modification of its STR form for collecting accurate information about the suspicious deals that will also help check illegal fund transfers.
Two modified STR forms have already been submitted to the concerned authorities of the central bank for their consideration, the sources noted.
Under the existing Anti-Money Laundering Act, the banks will have to inform Anti-Money Laundering Department of the central bank instantly if it detects any suspicious transaction.
The central bank will impose penalty from Tk 10,000 to Tk 1,00,000 if the banks fail to follow the rules and regulations, according to the provisions.
The BB earlier instructed the banks to maintain 'the transaction profile method' from the opening of any accounts under KYC system to stop suspicious transactions.
The Bangladesh Bank (BB) has decided to create greater awareness among bank officials about enforcement of existing Anti-Money Laundering Act to help check illegal fund transfers.
Under the move, the central bank will conduct a long-term training programme for bank officials across the country with a view to enhancing their efficiency level, especially in dealing with the rules and regulations relating to the Anti-Money Laundering Act.
"We are committed to check illegal fund transfers through proper enforcement of the existing Anti-Money Laundering Act," a BB senior official told the FE Monday.
During the training programme, some major rules, including suspicious transaction report (STR), cash transaction report (CTR), know your customer (KYC) and transaction profile report, framed under the Anti-Money Laundering Act will be discussed in detail. This would also help check illegal fund transfers in the banking system.
At least 14 commercial banks have been selected to arrange such training programme as lead banks in 56 districts out of 64, official sources said.
Currently, a committee, headed by Acting General Manager of the Anti-Money Laundering Department of the central bank M Mahfuzur Rahman, is overseeing the training programme across the country.
The training programme will be concluded by January 15 next and the concerned banks will have to submit their final reports to the central bank within January 31, 2008.
The reports will be submitted before the meeting of chief anti-money laundering compliance officers, scheduled to be held in February next, for taking next course of actions.
Besides, the central bank is now working on the modification of its STR form for collecting accurate information about the suspicious deals that will also help check illegal fund transfers.
Two modified STR forms have already been submitted to the concerned authorities of the central bank for their consideration, the sources noted.
Under the existing Anti-Money Laundering Act, the banks will have to inform Anti-Money Laundering Department of the central bank instantly if it detects any suspicious transaction.
The central bank will impose penalty from Tk 10,000 to Tk 1,00,000 if the banks fail to follow the rules and regulations, according to the provisions.
The BB earlier instructed the banks to maintain 'the transaction profile method' from the opening of any accounts under KYC system to stop suspicious transactions.