Dhaka, Bangladesh (BBN) – Financial transactions including inward remittances in the form of subscription or ad of electronic media have come under scrutiny of the central bank, officials said.
Under the new provision, commercial banks and financial institutions will have to report to Bangladesh Bank (BB), about any transaction amounting to US$50,000 or above in inward remittance or any other suspicious financial transaction.
“The fund will not be released without approval of the Anti-Money Laundering Department of the central bank,” a senior official of the Bangladesh Bank (BB), the country’s central bank, said, adding that the order will remain effective until issuance of further notification.
The central bank issued a circular in this connection on Monday asking the chief executives of all commercial banks and non-banking financial institutions (NBFIs) to comply with the instruction properly.
Under the existing Money Laundering Prevention Act, the financial institutions including banks, NBFIs and insurance companies will have to inform the Anti-Money Laundering Department of the central bank instantly if they detect any suspicious transaction.
The central bank will now be able to fine any bank or NBFI Tk 10,000 to Tk 0.5 million for failure to submit reports related to money laundering, according to the Act.
Different financial institutions, including banks, NBFIs, insurance companies and foreign exchange agents have been brought under the Act as reporting agencies.
BBN/SS/SSR/AD-04May10-10:10 am (BST)
