BB asks to digitise IDRA, BSEC activities

Bangladesh Bank (BB) Governor Dr Atiur Rahman Sunday called upon its associate regulatory bodies, specially the insurance and securities regulators, to digitise their activities to combat the money laundering and terrorism financing.

In this connection, the governor of the central bank, which already digitised its all major functions, assured of providing all possible technical assistance to other regulatory bodies.

Mr Rahman was speaking as the chief guest at an "AML/CFT Conference for CEO and CAMLCO of Insurance Companies/Corporations" at a hotel in the city while Dr M Aslam Alam, Secretary of the Bank and Financial Institutions Division (BFID) under the Ministry of Finance (MoF), was the guest of honour.

Bangladesh Financial Intelligence Unit (BFIU) and the Insurance Development and Regulatory Authority (IDRA), regulator in the insurance sector, jointly arranged the conference.

Presided over by M Shefaque Ahmed, Actuary, IDRA chairman, the conference was addressed, among others, by Abu Hena Mohd. Razee Hassan, Deputy Governor of the central bank, Sultan-Ul-Abedine Molla, IDRA member, Md Rezaul Karim, managing director, Sadharan Bima Corporation, and Farzana Chowdhury, managing director and CEO, Green Delta Insurance Company Ltd. Zuber Ahmed Khan, IDRA Member, gave the vote of thanks.

Later, a working session was held for the chief executive officers (CEOs) and the Chief Anti Money Laundering and Compliance Officers (CAMLCO) of the insurance companies and corporations.

Speakers at the conference said that the country needs to improve its efficiency in preventing the money laundering and terrorism financing in a bid to be compliant internationally in this connection.

Country's banking sector is quite robust to trace and combat such suspicious transactions; consequently, such transaction might move to other sector; as such the authorities kept the insurance sector and the stock market in the top priority for working on it, they said.

The conference highlighted the role of the insurance companies' CEOs and CAMLCOs about the "Mutual Evaluation" (on money laundering and terrorism financing) to be conducted in Bangladesh in 2015 by the APG (Asia Pacific Group on Money Laundering), one of the eight FSRB (FATF Style Regional Body) under the Financial Action Taskforce (FATF).

The BB governor said we want to increase transparency, good governance and efficiency in the insurance sector.

He also laid stress on the joint efforts of all the officials in the insurance companies to thwart the financial offences like money laundering and terrorism finance and keep the sector fee from such crime, which is an international problem.

Saying the BFIU will give necessary guideline in the future in line with the country's law and the international recommendations to accelerate the sector's activities, he urged the participants to comply with those.

Mr Aslam Alam said that currently Bangladesh is 'technically compliant' regarding the money laundering and terrorism financing; now, we need to improve our efficiency to prevent such financial offences.

Mentioning the effort to combat the financial offence as a continue process, he emphasised on working competently in this connection to gain the international trust on Bangladesh.

Mr Shefaque Ahmed said it is possible to prevent the terror financing and money laundering if the relevant law, enacted in 2010, is complied duly.

The IDRA chairman also said that the regulator is working to ensure automation in its all activities.