Banks to monitor accounts of head of state, top officials, politicians

December 29, 2014

BB Circular On Money Launbering, Terror Financing
Banks to monitor accounts of head of state, top officials, politicians
Bangladesh Bank on Sunday asked scheduled banks to monitor the bank accounts of head of state, politicians and influential persons on regular basis to prevent money laundering and terrorist financing. The BB issued a master circular in line with Money Laundering Prevention Act 2012 and Anti-Terrorism Act 2009 to managing directors and chief executive officers of all banks saying that the branches of the banks would have to take approval from their higher authorities to set up business relation with the politicians and influential persons.
Individuals who are or have been entrusted domestically with prominent public functions, for example head of state or of government, senior politicians, senior government, judicial or military officials, senior executives of state-owned corporations and important political party leaders are considered as politicians and influential persons, the circular said.
The banks will have to take appropriate measures to know the fund and asset sour

-With New Age input

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