CAMLCO should be able to act on his own authority; oHe/she should not take any permission or consultation from/with the MD or CEO before submission of STR/SAR and any document or information to BFIU; oHe/she shall maintain the confidentiality of STR/SAR and any document or information required by laws and instructions by BFIU; oHe/she must have access to any information of the bank; oHe/she shall ensure his/her continuing competence.
Responsibilities- oCAMLCO must ensure overall AML&CFT compliance of the bank; oOversee the submission of STR/SAR or any document or information to BFIU in time; oMaintain the day-to-day operation of the bank’s oAML&CFT compliance; oCAMLCO shall be liable to MD , CEO or BoD for proper functioning of CCU; oCAMLCO shall review and update ML & TF risk assessment of the bank; oEnsure that corrective actions have taken by the bank to address the deficiency identified by the BFIU or BB. Branch Anti Money Laundering Compliance Officer (BAMLCO) For the implementation of all existing acts, rules, BFIU’s instructions and bank’s own policies on preventing Money Laundering & Terrorist Financing, bank shall nominate an experienced Branch Anti Money Laundering Compliance Officer (BAMLCO) in every branch. The manager, the second man of the branch or a high official experienced in
general banking shall be nominated as the BAMLCO. The BAMLCO has to have detailed knowledge in the existing acts, rules and regulations, BFIU’s instructions and bank’s own policies on preventing Money Laundering and Terrorist Financing. Clear job descriptions and responsibilities of BAMLCO shall be mentioned in his/her appointment letter. BAMLCO shall arrange AML & CFT meeting with other concerned important officials of the branch quarterly and shall take effective measures on the following matters after reviewing the compliance of the existing acts, rules and regulations, BFIU’s instructions on preventing Money Laundering & Terrorist Financing: oKnow Your Customer, oTransaction monitoring, oIdentifying and reporting of Suspicious Transactions, oRecord keeping, oTraining.
Authority and Responsibility of BAMLCO For preventing ML, TF & PF in the branch, the BAMLCO should perform the following responsibilities: oEnsure that the KYC of all customers have done properly and for the new customer KYC is being done properly; oEnsure that the UN Security Council and domestic sanction list checked properly before opening of account and while making any international transaction; oKeep information of ‘dormant accounts’ and take proper measures so that any withdrawal from these accounts shall not be allowed without compliance of BFIU’s instruction;