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Importance of Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) Policies

To prevent money laundering and terrorist financing, businesses in different sectors should establish and maintain internal policies, procedures, and controls. These include Customer Due Diligence (CDD), record keeping, suspicious transaction reporting, and internal control.

Key Elements of AML/CFT Compliance

1. Designation of an AML/CFT Compliance Officer: Designate a senior-level officer to oversee AML/CFT compliance.
2. Implementation of CDD, Record Keeping, and Suspicious Transaction Reporting Procedures: Establish procedures for verifying customer identities, maintaining accurate records, and reporting suspicious transactions.
3. Independent Audits: Conduct regular audits to test compliance with internal policies and procedures.
4. Employee Training Programs: Provide induction and ongoing training programs to establish vigilance in AML/CFT matters.
5. Screening Procedures for High Standards in Recruitment: Implement thorough screening processes for employees, particularly those handling customer data or finances.

The Role of the Bangladesh Financial Intelligence Unit (BFIU)

The BFIU is an independent unit established under section 24 of the Money Laundering Prevention Act, 2012. Its core functions include:

1. Receiving and Analyzing Suspicious Transaction Reports: Receive and analyze STRs from various sources to identify potential money laundering or terrorist financing activities.
2. Disseminating Results to Law Enforcement Agencies: Share results with law enforcement agencies for further action.

The Role of Regulators and Self-Regulators

Statutory and independent organizations regulate different types of Designated Non-Financial Businesses and Professions (DNFBPs). These include:

• Real Estate and Housing Association Bangladesh (REHAB) for real estate developers
• Bar Council for the legal profession
• Institute of Chartered Accountants Bangladesh (ICAB) for accounting professionals
• Bangladesh Jewelers Association for dealers in precious metals or stones

These regulators and self-regulators should maintain strict confidentiality and check compliance with AML/CFT issues during regular programs, notifying BFIU if there are any serious concerns.

Conclusion

Implementing effective AML/CFT policies, procedures, and controls is crucial to preventing money laundering and terrorist financing. By working together, businesses, regulators, and law enforcement agencies can ensure that anti-money laundering and counter-terrorism financing measures align with international standards.