Every story carries its source. What moved, what it means, and what to do about it.
The European Union signs Protocol to reinforce its asset management framework
The Additional Protocol to the Warsaw Convention was signed on 14 October 2026 to facilitate more effective cross-border operations on asset recovery and strengthen efforts to combat money laundering across the Council of Europe Member States.
The Protocol enhances rules on freezing, confiscation measures, asset management, police and judicial cooperation, and prevention of money laundering. While there has been progress in asset recovery, only 1% of assets are recovered in the EU. The Protocol seeks to improve cooperation across borders and its scope extends beyond the EU, providing a broader framework for countries to work together on asset recovery. In addition to the EU, Georgia, Greece, Hungary, Luxembourg, Monaco, Montenegro, San Marino and the United Kingdom have signed the agreement.
Source: European Commission
BFIU urges insurance companies to strengthen AML Compliance
According to the Bangladesh Financial Intelligence Unit(BFIU), insurance companies are expected to conduct annual Branch Self Assessment (BSS), update KYC profiles and risk assessments for high-risk customers annually, designate a Branch Anti-Money Laundering Compliance Officer to identify compliance gaps and take timely corrective measures to prevent financial crime.
The BFIU issued a circular requiring life and non-life insurance companies to conduct annual BSS across all units and appoint a senior Branch Anti-Money Laundering Compliance Officer (BAMLCO) with relevant experience. Assessment reports must be submitted by the BAMLCO and unit head to the Central Compliance Unit (CCU) and Internal Audit or Branch Control Division by 31 January. The CCU under the supervision of the Chief Anti-Money Laundering Compliance Officer (CAMLCO) must consolidate the assessments and audit findings, arrange inspections where weaknesses are identified, and document the overall compliance status, recurring deficiencies and corrective actions.The assessment framework also covers employee training, customer due diligence, e-KYC, transaction monitoring, sanctions screening and suspicious transaction reporting. The circular states that high-risk customer profiles require annual updates, while low-risk profiles must be updated at least every five years. Aggregated daily cash transactions exceeding Tk 10 lakh must be reported monthly through goAML within seven working days of the following month. Companies must also prevent tipping-off, retain records for at least five years and address all compliance deficiencies.
Source: Bangladesh Sangbad Sangstha
AMLA and OLAF signs Working Arrangement to enhance cooperation and information exchange
The Working Arrangement provides a framework for cooperation and the sharing of operational and strategic information on criminal patterns, emerging trends, risk indicators and crime prevention methods.
The arrangement operates within the cooperation framework established under Article 94 of the Authority for Anti Money Laundering and Countering the Financing of Terrorism(AMLA) Regulation and the applicable provisions of European Anti-Fraud Office’s (OLAF) regulation.This is intended to help both bodies recognise connections between their activities and make better use of the information available to them. The agreement also enables OLAF to bring its fraud-related expertise to AMLA-led joint analyses, with Financial Intelligence Units (FIUs) approval, and cross-check findings against its own information to identify links between money laundering and fraud involving EU funds. The initiative can improve the coordination of complex financial crime cases and support better recovery of funds lost to fraud, while safeguarding the EU’s financial interests.
Source: European Anti-Fraud Office
