COX’S BAZAR – B.M. Yusuf Ali, President of the Bangladesh Insurance Forum and CEO of Popular Life Insurance, has called upon Bangladesh Bank to establish a fund similar to the one for banks to help restructure struggling insurance companies.
Yusuf Ali made this appeal during his speech as a special guest at the CAMLCO Conference 2025, which began at the Long Beach Hotel in Cox’s Bazar. The two-day conference was organized by the Bangladesh Financial Intelligence Unit (BFIU) and the Insurance Companies CAMLCOs Association of Bangladesh. Bangladesh Bank Governor, Ahsan H. Mansur, attended the event as the chief guest.
Focus on Combating Money Laundering and Terror Financing
In his address, B.M. Yusuf Ali highlighted that money laundering and terror financing pose a significant threat to the progress and security of the national economy. He emphasized the need for the insurance sector to adopt the highest level of preventive measures to mitigate these risks.
To keep the insurance industry free from the risks of money laundering and terror financing, he outlined seven key actions:
- Increasing customer awareness.
- Enhancing employee skills through training.
- Properly completing and updating Know Your Customer (KYC) information.
- Strictly implementing BFIU’s circulars and directives.
- Promptly notifying BFIU of any suspicious transactions.
- Implementing the recommendations adopted at the conference.
- Taking the initiative to successfully organize the CAMLCO conference annually.
Yusuf Ali stated, “Together, we can bring the risks of money laundering and terror financing down to zero. This will strengthen the country’s financial security and lead to economic prosperity.”
