The Bangladesh Financial Intelligence Unit (BFIU) has instructed all reporting organizations to immediately provide information on other accounts linked to an account once an order is received to suspend that account.

The directive was issued in BFIU Circular Letter No. 5 on Wednesday (August 19). The letter, issued from the Bangladesh Bank headquarters, was sent to the managing directors and chief executive officers of all reporting organizations covered by the relevant provisions of the Money Laundering Prevention Act, 2012.

According to the circular, under Rule 26(4) of the Money Laundering Prevention Rules, 2019, formulated under the Money Laundering Prevention Act, 2012 (amended in 2015), a reporting organization must immediately notify the BFIU of the balance of a suspended account as well as information on other accounts linked to it after receiving an order to suspend the account.

This means reporting organizations cannot limit their disclosure to the account that has been suspended. If the account has any directly or otherwise related accounts, information about those accounts and their current balances must also be submitted to the BFIU.

The new directive is expected to strengthen the ability to identify and monitor related accounts held by an individual or organization at the same bank or other reporting organizations after one of their accounts has been suspended. This will make it easier to trace the flow of funds linked to suspicious transactions and take necessary action.

The circular further stated that the directive was issued under the powers granted by Section 23(1)(d) of the Money Laundering Prevention Act, 2012, and Section 15(1)(d) of the Anti-Terrorism Act, 2009.

The circular, signed by BFIU Director A.K.M. Golam Mahmud, instructed all concerned reporting organizations to comply with the directive properly.