Bangladesh, Oct. 21 -- The Bangladesh Financial Intelligence Unit (BFIU) has issued fresh instructions to insurance companies to strengthen safeguards against money laundering, terrorist financing and proliferation financing.

It also instructed them to tighten customer verification, internal compliance and the reporting of suspicious transactions, according to a directive issued on Monday.

The insurers have been instructed to strengthen customer due diligence and risk assessment across their head offices, branches, agencies and other operational units.

They must properly identify and verify customers, collect information on the beneficial owners of insurance policies where applicable, obtain details of the source of funds and maintain...