GDIC-PABL hold workshop on anti-money laundering & CFT compliance

Green Delta Insurance Company (GDIC), in association with Professional Advancement Bangladesh Ltd (PABL), organised an online workshop and knowledge sharing session on Monday, to improve staffers’ knowledge and skills for preventing money laundering and combating financing of terrorism (CFT).

Insurance Development and Regulatory Authority (IDRA) chairman Dr Mosharraf Hossain was present at the workshop, titled ‘Anti-money laundering and CFT compliance in general insurance’, as the chief guest, while Bangladesh Financial Intelligence Unit (BFIU) deputy head Eskandar Miah was present as a special guest, reads a press release.

BFIU General Manager Mohammad Mahbub Alam, GDIC advisor and founding managing director Nasir A Chowdhury and additional managing director Syed Moinuddin Ahmed were also connected to the online workshop presided by Green Delta Managing Director and CEO Farzanah Chowdhury.

During the workshop, experts underscored the importance of developing ‘skilled human resources’ for coping with the changing trend of financial habits of people amid the coronavirus pandemic.

IDRA Chairman Dr Mosharraf Hossain said the insurer has to focus on automation in screening information involved in transaction monitoring and sanctions.

He also said that the automated process of AML for combating financing terrorism is an opportunity to enhance the speed and accuracy of monitoring and screening processes, reduce potential human error and, ultimately, avoid costly compliance penalties.

Green Delta Managing Director Farzanah Chowdhury mentioned that the company had continued such knowledge sharing over the years among professionals for mitigating risk as a general issuer to fight illegal money transfer from the country.