Cenbank opens new department to prevent money laundering and terror financing
Previously, BFIU was responsible for overseeing the matters
The Bangladesh Bank has announced the creation of four new departments, including a dedicated unit to prevent money laundering and terrorist financing.
The central bank's Banking Policy and Regulation Department issued a circular in this regard today (13 March).
The other newly established departments are Bank Inspection Department-9, Inspection Compliance Department, and Islamic Banking Regulations and Policy Department.
Keep updated, follow The Business Standard's Google news channel
Previously, the Bangladesh Financial Intelligence Unit (BFIU) was responsible for overseeing matters related to money laundering and the prevention of terror financing.
A senior official of the central bank told TBS that the new department has been established due to the increased workload in the unit following the assumption of office by the interim government.
Previously, Bank Inspection Department-1 was responsible for overseeing four state-owned banks. From now on, Bank Inspection Department-9 will handle the state-owned Janata and Agrani banks, while Bank Inspection Department-1 will oversee Sonali and Rupali banks.
A separate inspection compliance department has been established to monitor the implementation of reports generated by the central bank's inspection departments, said the official.
