Francois De Maricourt, Country Head and CEO, HSBC Bangladesh speaking at the event. Paul Jevtovic APM, Regional Head of Financial Crime Threat Mitigation, HSBC speaking at the seminar

Staff Correspondent
Speakers at a seminar on ‘Good Governance in the Financial Sector of Bangladesh’ underscored the need for ensuring good governance in the financial sector in Bangladesh.
They were speaking at the seminar organised by Chandrabati Academy at Dhaka Club Wednesday evening.
During the seminar, a book titled ‘Anti-Money Laundering and Counter Financing of Terrorism Compliance’, written by Md Masud Rana was launched.
Md Masud Rana, Joint Director in the Bangladesh Financial Intelligence Unit (BFIU), Bangladesh Bank, discussed, “Bangladesh is doing significant progress day by day in many aspects including establishing a robust and resilient financial sector by preventing money laundering, financing of terrorism, and other financial crimes. I believe the book on AML/CFT Compliance will be beneficial for the compliance officers of the banks and financial institutions.”
“I have tried to accommodate all generic compliance issues as well as discuss the solutions of those compliance issues. Additionally, I have suggested some ideas for the compliance officers and regulators for creating better compliance infrastructure in this book,” added Rana, a certified anti money laundering specialist (

) graduated from Macquarie University, Sydney, Australia.
Deputy Governor and Head of Bangladesh Financial Intelligence Unit (BFIU) of Bangladesh Bank Abu Hena Mohd Razee Hassan shared, “Money laundering and terrorism financing is one of the most severe global problems. Very few publications are available in this subject. Masud Rana has brought forward some new ideas, for example score based CDD, digital KYC, CAMLCO report etc in this book. This book also discusses new area of AML/CFT that is basic compliance related digital innovation, artificial intelligence, and big data.”
The other special guests — Ahmed Jamal, Deputy Governor, Bangladesh Bank, Francois De Maricourt, Country Head and CEO, HSBC Bangladesh, Dr M Mosharraf Hossain FCA, Member, Insurance Development and Regulatory Authority, and Paul Jevtovic APM, Regional Head of Financial Crime Threat Mitigation, HSBC, shared talk on the significance of good governance in the financial sector of Bangladesh as well as shared their knowledge on how Money Laundering and Terrorism Financing risks can be mitigated.
While asked about prevention of trade based money laundering (TBML), Philip Nation, Head of Financial Crime Compliance and designated CAMLCO, HSBC Bangladesh, asserts, “TBML is one of the main means by which criminal organizations and terrorist financiers launder money.” He further shared how financial institutions must put in place proper systems and controls to mitigate the risk of being exploited.
Md Obayed Ullah Al Masud, Managing Director, Sonali Bank Ltd said, “Bangladesh Bank has been pursuing policy and instructions in all possible areas of sustainable banking for banks and non-bank financial institutions which focus on three categories—green banking, corporate social responsibility, and financial inclusion.”
Md Arfan Ali, Managing Director, Bank Asia Ltd replied, “From 1971 till date, 9800 formal bank branches have been inaugurated. Within next 5 years, we can expect to see that every village has a financial booth ready to serve the population who never had the opportunity to have a bank account.”
The chief guest of the event was Finance Minister Abul Maal Abdul Muhith who congratulated Chandarabati Academy for publishing the book.
Arif Khan, CEO and Managing Director of IDLC Finance Ltd present at the seminar said, “Bangladesh is currently at a juncture when good governance carries supreme importance in terms of economic development and bringing reforms in financial sector. It is reported that the country needs to attract average annual FDI inflows of USD 20 billion to graduate to a developed country by 2041. At this hour, the financial sector is in dire need of instilling higher standard of good governance to sustain and make it to the next level.”
Rais Uddin Ahmed, CAMLCO, BRAC Bank Ltd said, “It is encouraging that in recent years, Corporate Governance (CG) practices are being discussed in various forums among entrepreneurs, corporate managers, regulators, and academics. As a result, CG has become a top priority for the regulatory bodies with the objective of providing better and effective protection to all stakeholders.”
Md Abdul Wadud, Deputy Managing Director, CAMLCO, The City Bank Ltd said, “Giving due consideration to internal culture, business models can help respond more effectively to market developments, and in turn establish long-term business sustainability.”
Mohammed Kamrul Hasan, Executive Vice President & Chief Risk Officer, LankaBangla said: “Bangladesh has recently become eligible for graduation from LDCs. This has brought a lot of opportunities. To carry on this development thrust, a robust financial sector plays crucial role.”