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Money Laundering & Terrorist Financing Risk Management Guidelines 2016
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Know Your Customer Procedures
Each concerned offi cer performs due diligence on all prospective clients prior to opening an account. This process is completed by fi lling in the documentation requirements (Account Application, Bank References, Source of funds and Identifi cation for example) and also a ‘Know Your Customer' profi le which is used to record a client's source of wealth, expected transaction activity at its most basic level. Once the identifi cation procedures have been completed and the client relationship is established, the concerned offi cers monitors the conduct of the relationship/account to ensure that it is consistent with the nature of business stated when the relationship/ account was opened.

Record Keeping
MBL keeps the records of its customer relationship and transactions. Where there has been a report of a suspicious activity or the Bank is aware of a continuing investigation into money laundering relating to a client or a transaction, records relating to the transaction or the client are retained until confi rmation is received that the matter has been settled.

Recognition and Reporting of Suspicious

A suspicious transaction will often be one that is inconsistent with a customer's known, legitimate business or personal activities or with the normal business for that type of customer. Therefore, the fi rst key to recognition is knowing enough about the customer's business to recognize that transaction, or series of transactions, is unusual.

The concerned offi cers refrain from carrying out transactions which they know or suspect to be related to money laundering until they have apprised the Bangladesh Bank. Where it is impossible in the circumstances to refrain from executing a suspicious transaction before reporting to the Bangladesh Bank or where reporting it is likely to frustrate efforts to pursue the benefi ciaries of a suspected money laundering operation, they apprise the Bangladesh Bank immediately afterwards.
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