BFIU issues new e-KYC guidelines for insurance, capital market entities

The Bangladesh Financial Intelligence Unit (BFIU), the financial intelligence wing of the Bangladesh Bank (BB), has issued comprehensive new “Guidelines on Electronic Know Your Customer (e-KYC)”.

The primary objective of the new directive is to streamline and simplify the process of establishing customer relationships while simultaneously bolstering national measures against money laundering and the financing of terrorism, said a BB circular issued on Monday.

According to the circular, the framework balances aggressive financial inclusion with AML/CFT compliance, setting a strict December 31, 2026, implementation deadline.

It establishes tiered thresholds, including life insurance sums up to Taka 2,000,000 and securities deposits up to Taka 1,500,000.

The BFIU move marks a pivotal shift in the nation’s digital architecture, aligning with Bangladesh’s trajectory toward a trillion-dollar economy.

By digitizing on boarding, the regulator aims to unlock dead capital and increase the velocity of money through broader inclusion, while simultaneously satisfying stringent Financial Action Task Force (FATF) standards.