Green Delta Insurance Company (GDIC), in association with Professional Advancement Bangladesh Limited (PABL) organised an online workshop and knowledge sharing session on Monday, says a press release issued on Tuesday.
The workshop titled 'Anti-money Laundering and CFT Compliance in General Insurance' was arranged to improve staffer's knowledge and skills for preventing money laundering and combating financing of terrorism (CFT).
Green Delta Managing Director and CEO Farzanah Chowdhury presided over the virtual workshop, according to the press release.
Insurance Development and Regulatory Authority (IDRA) chairman Dr Mosharraf Hossain was the chief guest, while Bangladesh Financial Intelligence Unit (BFIU) deputy head Eskandar Miah was special guest in the workshop.
Among other experts from Bangladesh Bank, IDRA and GDIC, 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.
Addressing the meeting, experts opined for collaboration of general insurance and with other financial institutions for tackling money laundering for improving transparency in transaction.
They also underscored the importance of developing 'skilled human resources' for coping with the changing trend of financial habits of people amid corona pandemic, the press release reads.
IDRA Chairman Dr Mosharraf Hossain said the insurer have to focus on automation in screening information involved in transaction monitoring and sanctions.
He also said, "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 and CEO Farzanah Chowdhury mentioned that the company has continued such knowledge sharing over the years among professionals for mitigating risk as a general issuer to fight illegal money transfer from the country, the press release further said.