Saturday, March 15, 2025

NGOs brought under BB’s anti-money laundering watch

Bangladesh Bank has asked the non-government and non-profit organisations to send suspicious transaction reports to the central bank to prevent money laundering and terrorist financing.
To this end, the BB issued a guidelines and a circular to chief executives of all NGOs and NPOs on Wednesday in accordance with the Money Laundering Prevention Act 2012 and Anti-Terrorism Act 2009, asking them to comply with the guidelines and the acts.
The central bank will cancel the licences of the NGOs and the NPOs or will impose financial penalty against them if they fail to follow the BB guidelines, the circular said.
Besides, the BB will recommend to the regulators concerned to take punitive action against the alleged NGOs and the NPOs, if required.
The BB asked the NGOs and the NPOs to maintain complete and correct information with regard to the identity of its customers during the operation of their accounts, the circular said.
The BB instructed the NGOs and the NPOs to preserve previous records of transactions of accounts for at least five years from the date of such closure if any account of a customer is closed.
The NGOs and the NPOs have been asked to report the BB immediately on their own accord about the suspicious transactions.
Each NGO and NPO will have to prepare the anti money laundering and combating financing of terrorism policy with approval of their boards of directors, trustees, and top most policy making committee. The organisations will have to review their AML and CFT policy annually and ensure all relevant staff are aware of the changes.
As part of its AML/CFT policy, each NGO and NPO will communicate clearly with all their employees on an annual basis through statement from the chief executive officer that clearly sets forth its policy against money laundering and terrorist financing.
Each organisation will nominate a head office based senior level employee as chief anti money laundering compliance officer who will be responsible for AML and CFT legal and regulatory compliance and the contact point to communicate with Financial Intelligence Unit of the BB.
The NGOs and the NPOs will have to take appropriate steps to identify, assess and understand their money laundering and the terrorist financing risks for customers and direct beneficiaries (person, group of persons or organization), countries or geographic areas or delivery channels.
Each NGO and NPO, which receives foreign aid, grants and donations, will have to collect correct and complete information of identification of their direct beneficiaries which receive cash, goods and services amounting more than Tk 10,000 in a year.
The NGOs and the NPOs will have to collect correct and complete information of identification with supporting documents of those customers who have been sanctioned loan of Tk 75,000
or above and those who have deposited more than Tk 50,000 or above with the organisations.
The BB asked the NGOs and the NPOs to preserve direct beneficiaries’ information for five years.
The NGOs will have to preserve micro credit customer’s information along with records of transaction for at least five years from the date of closure of the relationship with the customer.
The donor NGOs must preserve the partner NGOs’ information for at least five years from the closing date of agreement.
The NGOs and the NPOs will have to collect and preserve the correct and complete information of identification of those who control or direct the activities of the organisation (senior officers, board members, trustees or others) in details.
The NGOs have been asked to maintain bank account in the name of the organisation with nearby scheduled bank branch. All customers’ transactions of the NPOs and the NGOs involving Tk 1,00,000 and above will have to be routed through the banking channel.
Only one bank account will be maintained by every NGO and NPO for receiving donations and grants.
Separate bank accounts for separate projects may be maintained after the donations have been received through the only bank account opened for receiving funds.
Bank accounts of NGOs and the NPOs should be operated only with joint signatures by at least two officials as approved by appropriate authority.
The senior management of the NGOs and the NPOs will have to conduct meeting once at least in every three months on AML and CFT strategy and activities of the organisation.
The NGOs and the NPOs functioning in Bangladesh do not have to receive any fund from any person or organisation or their directly or indirectly related organisations that are listed under the resolutions of United Nation Security Council. Any such transaction must be freezed and reported to BFIU immediately.

-With New Age input

Related News

Green Delta launches Bangladesh’s first insurance for pets

Initially, the policy will cover dogs and cats Sukanta Halder Green Delta has launched the country’s first insurance for pets, which the insurer sees as a milestone for the industry. This innovative product provides crucial financial protection for beloved companion animals, covering a range of unforeseen events, including accidental injuries, critical illnesses, and specified diseases, ... Read more

Apex Bangladesh Fashion Legacy 2025 combines cultural heritage with global style trends

Business Desk : dhakamirror.com Keeping pace with global fashion trends while celebrating the country’s fashion heritage, innovative designs, and sustainable production, the second edition of the “Apex Bangladesh Fashion Legacy Fashion Show 2025” was held in Dhaka. This grand event took place at the Aloki Convention Hall at 7pm on February 8. The fashion show ... Read more

Walton launches ‘AC Exchange Offer’

Business Desk : dhakamirror.com Walton on Wednesday announced launch of ‘AC Exchange Offer’ in which customers can buy Walton’s new air conditioners and get 25 per cent discount in exchange of their used ACs of any brands, said a press release. The company also announced a 5-year warranty facility for some printed circuit board models ... Read more

Grand event ‘GPH Maharaj Darbar’ held by GPH Ispat

Business Desk : dhakamirror.com GPH Ispat Limited, one of the leading manufacturers of steel rebar in Bangladesh, recently organised “GPH Maharaj Darbar-2024.” A total of 185 channel partners of the company across the country participated in the two-day event, according to a press release. The company recognised top-performing partners in various categories based on their ... Read more

SMC’s 50-year journey: innovation and success

News Desk : dhakamirror.com Social Marketing Company (SMC), a not-for-profit organisation, has completed 50 years of remarkable operations in the health sector of Bangladesh. Over the past five decades, the company has achieved significant milestones by marketing innovative products and delivering essential healthcare services. SMC recently organised a programme at the InterContinental Dhaka to celebrate ... Read more

Walton receives orders amounting Tk 350 crore at ATS Expo

Business Desk : dhakamirror.com Walton received orders worth around Tk 350 crore from various local and foreign companies at the “Advanced Technology Solution-ATS Expo 2024”, the country’s sole industrial expo organised by tech-giant Walton. SM Mahbubul Alam, managing director of Walton Hi-Tech Industries, provided the disclosure at the event’s closing ceremony. The three-day expo ended ... Read more

Big price drop on Walton desktops, extra 10% off for online orders

Business Desk : dhakamirror.com Walton Digi-Tech Industries Limited, the leading technology product manufacturing and marketing company in Bangladesh, has come up with a huge price drop on its desktop computers. This attractive price drop is applicable on the company’s AMD Ryzen™ processor-powered Avian series desktops. Under this, customers are enjoying a minimum price drop of ... Read more

bKash wins Mastercard Excellence Awards

Business Desk : dhakamirror.com bKash, the largest mobile financial service (MFS) provider in Bangladesh, recently won an award at the “Mastercard Excellence Awards” in recognition of its exceptional contributions to advancing financial inclusion and fostering a robust digital economy. The MFS provider was awarded by the US-based digital payment provider in the digital business category ... Read more

Dhaka resident buys Marcel fridge, wins car

Business Desk : dhakamirror.com Anisur Rahman, a resident of Uttarkhan, Dhaka, became the first lucky winner of a brand-new car under Marcel’s Digital Campaign Season-21, after purchasing a Marcel refrigerator. This campaign offers customers a chance to win a free car or assured gifts with the purchase of Marcel refrigerators, air conditioners, washing machines, and ... Read more

Banglalink teams up with Vivo to provide special data deals for youth

Business Desk : dhakamirror.com Banglalink, the country’s innovative digital operator, has partnered with vivo to launch a data offer specifically designed for tech-savvy youth. This collaboration aims to provide more convenient access to various digital services and exclusive content. Aligned with the ‘Youth’s Choice Smartphone’ proposition, Banglalink is offering 18GB of free data with the ... Read more

Emirates adjudged Best Airline in the World at the ULTRAs 2024 Awards

Business Desk : dhakamirror.com Emirates has once again been honored with the title of ‘Best Airline in the World’ at the esteemed ULTRAs 2024 Awards. Recognized by thousands of travelers worldwide, the airline stood out for its outstanding products, innovative services, and exceptional value-for-money experiences. Thierry Aucoc, Emirates Senior Vice President Commercial Operations in Europe ... Read more

Remittance rises in Oct, SOBs log larger share

Business Desk : dhakamirror.com Remittance inflow to Bangladesh increased by more than 21 per cent in October compared with that in the same month in the past year, as expatriates favoured official channels, mainly state-owned banks, following a significant political shift in the country on August 5. Bangladesh Bank data showed that remittance inflows reached ... Read more

Oppo celebrates tenth anniversary in Bangladesh with O Fans festival

Business Desk : dhakamirror.com Emphasising celebration and appreciation, OPPO, a leading global technology brand, is excited to announce its SUPER OFFER as part of the ‘O Fans Festival’ to celebrate its 10th anniversary in Bangladesh. The festival theme, “SUPER OFFER,” highlights unforgettable experiences for its dedicated fans through exclusive prizes and substantial super discounts on ... Read more

Bangladesh Travel and Tourism Council launched

Business Desk : dhakamirror.com A new think tank, Bangladesh Travel and Tourism Council (BTTC), has started its journey in a bid to create a network of professionals and businesses to foster collaboration and knowledge exchange in the local travel, tourism and hospitality sector. The council held its first meeting at a hotel in the capital ... Read more

Ethiopian airlines set to touch Dhaka’s runway

Business Desk : dhakamirror.com Ethiopian Airlines, the largest airline in Africa and part of the Star Alliance, will begin operations in Bangladesh next Sunday with its first flight on the new Addis Ababa-Dhaka route. The airline will provide five direct flights each week, giving Bangladeshi travelers access to over 155 global destinations, including major cities ... Read more

Unilever’s 15th edition of BizMaestros launches Nov 3

Business Desk : dhakamirror.com The 15th edition of BizMaestros-UFLP, the flagship business competition of Unilever Bangladesh, embodying the “Thrill of Real Business”, is all set to begin on November 3. As a leading player in the FMCG sector, Unilever Bangladesh has been at the forefront of skill development initiatives for over six decades, establishing BizMaestros ... Read more

Banglalink introduces affordable 4G Phone in partnership with Symphony

Business Desk : dhakamirror.com Banglalink and Symphony have joined forces to launch the “My First 4G Phone” campaign to make 4G technology more accessible and affordable. Through this campaign, they seek to bridge the digital divide by offering high-quality 4G phones at an unbeatable price, empowering more people to benefit from fast, reliable internet connectivity.The ... Read more

Bashundhara Toiletries introduces “Alora 2in1” Hair & Body Wash: first ever in Bangladesh

Business Desk : dhakamirror.com Bashundhara Toiletries announced the launch of “Alora 2-in-1” Hair and Body Wash, an innovative product designed to simplify your daily care routine. As Bangladesh’s first 2-in-1 solution for both hair and skin, Alora offers a unique blend of premium ingredients that cleanse, nourish, and revitalize. “Alora 2-in-1” is formulated with two ... Read more

350cc Royal Enfield set for Bangladesh launch on October 21

Business Desk : dhakamirror.com Ifad Motors, the manufacturer and sole distributor of Royal Enfield motorcycles in Bangladesh, is gearing up to launch the iconic motorcycle brand in the country on Monday (21 October). Four models will be introduced: Bullet, Meteor, Hunter, and Classic and the bikers will have 12 different colour options at competitive prices ... Read more

Luxury car sales slow to a near-stop

Market players blame economic and political uncertainty Jagaran Chakma Sales of luxury sedans and sport utility vehicles (SUVs) have been almost nil since July this year as customers have reined in spending amid the ongoing economic downturn and sudden political changeover in Bangladesh. According to various market insiders, sales have fallen by about 95 percent ... Read more