Currency exchangers asked to follow AML guidelines

Bangladesh Bank (BB) has asked all moneychangers to comply with anti-money laundering (AML) guidelines to help combat money laundering and terror financing, reports BSS. Similar to those for commercial banks and non-banking orgnisations, the BB recently issued anti-money laundering guidelines to the moneychangers in the context of the provisions of the Money Laundering Prevention Act, 2012 and the Anti Terrorism Act, 2009 to help control financial frauds, identify money laundering and suspicious activities. The central bank yesterday issued another directive asking moneychangers to formulate their own policies and procedures and develop a foolproof system to help combat money laundering.
BB said the moneychangers should collect information along with necessary documentations about their service receivers. The moneychangers should also develop a date-base of their all transactions.
All the moneychangers situated in different city corporations should also install close-circuit security cameras and preserve all recordings at least for seven days, BB said. It said only clients would be allowed to hold any foreign currency inside the moneychangers’ premises.

 

Currency exchangers asked to follow AML guidelines

Bangladesh Bank (BB) has asked all moneychangers to comply with anti-money laundering (AML) guidelines to help combat money laundering and terror financing, reports BSS. Similar to those for commercial banks and non-banking orgnisations, the BB recently issued anti-money laundering guidelines to the moneychangers in the context of the provisions of the Money Laundering Prevention Act, 2012 and the Anti Terrorism Act, 2009 to help control financial frauds, identify money laundering and suspicious activities. The central bank yesterday issued another directive asking moneychangers to formulate their own policies and procedures and develop a foolproof system to help combat money laundering. BB said the moneychangers should collect information along with necessary documentations about their service receivers. The moneychangers should also develop a date-base of their all transactions. All the moneychangers situated in different city corporations should also install close-circuit security cameras and preserve all recordings at least for seven days, BB said. It said only clients would be allowed to hold any foreign currency inside the moneychangers premises.