The chief anti-money laundering compliance officer of each institution must submit an annual report to the BBs Financial Intelligence Unit (BFIU) by January 15 every year. The Central Compliance Unit (CCU) in each institution has to submit a report on anti-money laundering and terrorist financing activities, progress report and recommendations to the chief executive of the institution on a half yearly basis.
The financial institutions must comply with the Money Laundering Prevention Act 2012 and Anti-Terrorism Act 2009 (including amendments of 2012 and 2013). A financial institution has to report to the BFIU immediately after any news regarding money laundering and terrorist financing published in mass media.
The BB has asked the institutions to increase due diligence for politically exposed persons and their family members and close associates. Similar attempts must be taken by the financial institutions for influential persons (persons who have been entrusted domestically with prominent public functions) and their family members and close associates. It said financial institutions have to know their sources of income.
Also, financial institutions were advised to follow certain customer identification procedure for opening of accounts and monitoring transactions of a suspicious nature for the purpose of reporting it to the BFIU.
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