Bangladesh insurers warned on money laundering

October 6 2015 by InsuranceAsia News Staff

Insurance companies operating in Bangladesh have been warned by the Insurance Development and Regulatory Authority (IDRA) against terrorist financing and possible money laundering.

IDRA chairman Shefaque Ahmed said the authority has conducted special audits on six life insurance firms in Bangladesh to examine their transactions to determine if they involved money laundering or terrorist financing.

During a workshop with chief executives and chief financial officers of life insurers, Ahmed said insurers need to do more to stop money laundering and terrorist financing through their companies.

Non-life insurers were also set to be briefed on the subject. Ahmed said the insurance authority has already set up a financial intelligence unit to help the Bangladesh central bank deal with issues on money laundering.

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