Bangladesh Bank directed the insurance companies to report to the central bank the measures they have taken against money laundering and terrorism financing.
The companies have to send their detailed policy, approved by their boards of directors, to tackle terrorism financing before 30 September.
BB Anti-Money Laundering department issued a circular in this regard to all the managing directors and Chief Executive Officers.
The circular said that the insurance companies have to take adequate measures against money laundering and terrorism financing and report to the central bank within 31 December.
Earlier, BB formulated a guidance notes for the insurance companies, where some standards were identified for reducing the terrorism financing and money laundering.
Source : New Age
