Bangladesh Bank asks 5 state-run banks to do more to prevent money laundering, terror finance

Bangladesh Bank asks 5 state-run banks to do more to prevent money laundering, terror finance

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The central bank has warned five state-owned banks over their failure to make headway in prevention of money laundering and terror finance.Its Bangladesh Financial Intelligence Unit (BFIU) recently sent letters to the banks asking them to do more.Bangladesh Bank also asked managing directors of the banks – Sonali, Janata, Agrani, Rupali and Basic – to submit their work plans for 2015 for prevention of money laundering and terror finance.BFIU recently rated the five banks on their anti-money laundering and terror finance activities. It found their performance ‘unsatisfactory’.BFIU deputy chief M Mahfuzur Rahman toldbdnews24.com: “We’ve made several suggestions for improvement of AML rating of the state-owned banks. They’ve started work accordingly.”“We hope the banks will make progress fast.”Officials of state-run banks said though they had departments for prevention of money laundering and terror finance, they did not have enough manpower for doungthe job.They said most of the branches were yet to go online.

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