BB urges insurance sector to fight illicit financial flows
Business Desk :
The Bangladesh Financial Intelligence Unit (BFIU) organized the “CAMLCO Conference of Insurance Companies 2025” in Cox’s Bazar to raise awareness and ensure a responsible role for insurance companies in preventing money laundering and terrorist financing.
The conference was held at the Long Beach Hotel from September 19-20, 2025, reports UNB.
Bangladesh Bank Governor Dr. Ahsan H. Mansur was the chief guest. Md. Fazlul Haque, a member of the Insurance Development and Regulatory Authority (IDRA), was the special guest.
The event was presided over by Md. Mofizur Rahman Khan Chowdhury, acting head of BFIU.
The theme of the conference was ‘Building a Robust Compliance Culture against Illicit Financial Flows’, which was held from September 19-20 in a hotel at Cox’s Bazar, according to a press release.
Governor Dr. Mansur welcomed the participants and highlighted the insurance market as one of the four pillars of the financial market, alongside money markets, stock markets, and bond markets.
He expressed concern about the banking sector’s over-reliance on long-term financing and stated that the insurance sector’s development is crucial for sustainable financial growth.
Dr. Mansur identified the lack of public trust and the absence of mandatory insurance schemes (such as for health, cars, or factories) as key obstacles for the sector.
He called for prioritizing the building of trust, strengthening regulatory oversight, implementing mergers, liquidations, or restructurings, setting sustainable premiums, and re-evaluating the investment policies of insurance companies.
He also urged chief executives and anti-money laundering compliance officers to involve top management in ensuring transparency and accountability in the financial sector and to comply with BFIU’s anti-money laundering directives.
During the conference, speakers emphasized the importance of strict legal compliance, risk-based supervision, and technology-based solutions to prevent money laundering and terrorist financing in the insurance sector.
The discussions highlighted the need to implement e-KYC in customer verification, automate compliance systems, and establish whistleblowing mechanisms.
Participants also called for developing skilled human resources, conducting training programs, implementing corporate governance policies, and making the sector more transparent and accountable in line with international standards.
Md. Mostakur Rahman, a director at BFIU, presented on the positive and negative aspects of Bancassurance.
He noted that it increases transparency in beneficial ownership and helps structure the flow and distribution of funds.
However, he pointed out that a lack of trust remains a major challenge and stressed the need for robust compliance awareness programs to overcome these hurdles.
A keynote presentation was also delivered by BFIU’s Additional Director, Md. Moshiur Rahman.