Insurers warned on money laundering, terrorist financing
The Insurance Development and Regulatory Authority (IDRA) of Bangladesh yesterday asked life insurers to be cautious on money laundering and terrorist financing.
The fresh instruction came at a workshop to sensitise the chief executives and chief financial officers of life insurers, organised by IDRA at its office in Dhaka.
“Special audits are being carried out on six life insurance companies to examine their transactions,” said IDRA Chairman Shefaque Ahmed while inaugurating the two-day workshop.
“Gradually, other companies will also come under the audit.” He said developments are already there, but insurers need to do more to stop any sort of money laundering and terrorist financing through their companies.
Ahmed said IDRA has set up a financial intelligence cell to help the central bank deal with the money laundering issues.
He hailed the insurers for forming a central compliance unit and appointing a chief anti-money laundering officer at their respective companies.
The chief regulator asked the insurers to pay agents' commission by cheque, not in cash.
Senior executives of non-life insurance companies will be briefed on the subject today, an IDRA official said.
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