Duties and Responsibilities of BAMLCO:
As per BFIU Circular No.26 dated 16 June 2020, clause no. 1.3 (4), a bank shall select a Branch Anti-Money Laundering Compliance Officer (BAMLCO) in their every branch. A BAMLCO can be Branch Manager, Manager Operations (Second Officer of Branch), or expert and experienced Senior Officer from the department of General Banking, Foreign Exchange, Credit, etc. Branch Anti-Money Laundering Compliance Officer (BAMLCO) is the person who has enough knowledge about AML/CFT/ML/TF etc related issues. And he/she responsible for overall observance and monitoring of Branch level ML and CFT issues. BAMLCO is responsible for ensuring AML & CFT compliance in the branch.
As per clause no. 1.3 (5) of BFIU Circular No.26, BAMLCO (along with other AML and CFT related activities) will specifically perform the following seven (7) tasks:
1. Know Your Customer (KYC): BAMCLO will ensure obtaining of Complete & Accurate information of all the customers; properly view the AOF (Account Opening Form), ensure NID verification of customers, and ensure KYC procedure of customers including walk-in-customers.
2. Transaction Monitoring: BAMCLO will closely monitor the transactions of all accounts and their transactions. And take appropriate steps as per rules, regulations and guidelines if any found any suspicious transaction. BAMCLO will perform STR and CTR related activities.
3. Identification and Reporting of Suspicious Transaction/Activity: BAMCLO will take proper measures to detect Suspicious Activities / Transactions of Branch. And report and preserve STR/SAR related activities.
4. Implementation of the Local Sanction List and UN Resolutions: BAMLCO will ensure the implementation of the Resolutions issued by United Nations Security Council (UNSC) and Local Sanctions List issued by Bangladesh Government regarding ML & CFT issues.
5. Self Assessment Report: BAMLCO will prepare Self Assessment report of the branch by using prescribed checklist (as per BFIU Circular No.26 of Annexure-'Ga').
6. Record Keeping: BAMLCO take proper initiative to preserve account and transaction related documents or records (Such as AOF, Voucher etc.) for 05 (five) years from the date of close of the respective account. And also ensure of keep recording of PEPs A/c list, High Risk clients' list, etc. and keep record of AML & CFT related circulars, instructions, etc.
7. Training and others: BAMLCO will take proper initiatives to ensure Refresher Training and all employees training on AML & CFT of his/her branch; and always keep update him/herself regarding AML & CFT issues.
Published Date: 26/07/2023
Related Search: