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Money Laundering Risk Management

Money Laundering Risk Management

Money Laundering is most often described as the “turning of dirty or black money into clean or white money”. Usually money laundering allows criminals to legitimize "dirty" money by mingling it with "clean" money, ultimately providing a legitimate cover for the source of their income.

Money Laundering means any offense under the law which is set out in Section 2(two) of the Prevention of Money Laundering Act 2009 (Act No. 8 of 2009).

The offences are as under:

  • Properties acquired or earned directly or indirectly through illegal means,
  • Illegal transfer, conversion, concealment of location or assistance in the above act of the properties acquired or earned directly or indirectly through legal or illegal means.

Following Bangladesh Bank's guidelines monthly CTR/STR reports are submitted to Bangladesh Bank, KYC report has been introduced that contains the transaction profile, proper address, valid source of income etc. which are verified at the time of opening any kind of account to mitigate the money laundering risk.

Policy has been formed in the light of law of the land. KYC and TP are meticulously maintained in opening new accounts and in cases of old accounts, collection of these are going on. Massive Training Programs for employees in the related fields have completed and it is continuing.

Compliance Policy:

All the employees have been instructed to remain alert and to follow the Anti Money Laundering Act meticulously. CEO and MD himself is directly involved in the process Money Laundering Risk Management.