The primary objective of the Insurance Companies CAMLCO’s Association in Bangladesh (ICCAB) is to serve as a united platform for all Chief Anti-Money Laundering Compliance Officers (CAMLCOs) within the insurance sector, with the aim of advancing the industry’s collective efforts in combating money laundering, terrorist financing, and other forms of financial crime. ICCAB seeks to promote a culture of compliance, integrity, and accountability by ensuring alignment with national legislation, particularly the Money Laundering Prevention Act (MLPA), and relevant international standards such as those set by the Financial Action Task Force (FATF).
Through coordinated action, the association endeavors to facilitate the effective implementation of AML/CFT (Counter Financing of Terrorism) measures across all insurance companies by providing continuous education, capacity building, and training programs for CAMLCOs and related personnel. It will also focus on developing and sharing industry-specific best practices, enhancing the quality of Suspicious Transaction/Activity Reporting (STR/SAR), and improving the overall risk-based approach to AML compliance within the insurance sector.
In addition, ICCAB aims to act as a bridge between insurance companies and regulatory bodies such as the Bangladesh Financial Intelligence Unit (BFIU) and the Insurance Development and Regulatory Authority (IDRA), by representing industry perspectives, advocating for practical and effective compliance measures, and ensuring that the evolving regulatory expectations are clearly understood and appropriately addressed by all stakeholders.
By fostering cooperation, standardization, and strategic communication among CAMLCOs, ICCAB aspires to contribute significantly to the integrity and resilience of Bangladesh’s financial system and to ensure that the insurance sector does not become a channel for illicit financial activities.