AML guidelines for co-operative societies

Bangladesh Bank (BB) has issued an anti-money laundering (AML) guidelines for co-operative societies to help combat money laundering and terror financing.

Issuing the guidelines on October 7, the central bank asked all the co-operative societies to follow it accordingly to keep their activities and services protected from the risks of money laundering and terror financing.

bangladesh_bankThe guidelines suggested all the co-operative societies to set up a central compliance unit or contact point under the direct supervision of the head of the elected committee of the respective co-operatives.

An official should also be designated for the contact point who will maintain communication with the central bank regarding AML activities.

The co-operatives will also formulate their own strategies to help combat money laundering and terror financing, BB said.

They will identify the risks at their respective areas of operations and services and take necessary actions to face the risks.

Besides, the co-operatives will collect full and accurate information about their members and clients to minimize the risks of money laundering and terror financing. The co-operatives have also been asked to report any suspicious transaction to the Bangladesh Financial Intelligence Unit (BFIU).

The central bank said the guideline shall be treated as minimum instructions and indications to identify and assess the risk of money laundering and terror financial in their businesses and take effective measures to mitigate the identified risks.

-BSS


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