Increasing number of fraudulent activities in MFS industry and the role of compliance management Service in order to reduce it: a case analysis through bKash and relevant issues

Abstract

Within the last decade, Mobile Financial Service (MFS) has experienced phenomenal growth in our country Nevertheless, this gigantic growth of the MFS industry in our country has also escalated the risks associated with this. Fraud, money laundering, terrorist financing and other criminal activities are taking place through this service. In order to reduce this fraudulent and related activities associated with MFS, it is necessary for every MFS provider to maintain adequate compliance management service. Despite this, many MFS providers in our nation are failing to deliver a robust compliance service in order to comply with regulatory requirements This case study focuses on the role of Compliance Management Service (CMS) and impacts of fraudulent/criminal activities in the MFS platform. While investigating the real-life scenario of bKash limited who are doing great in CMS under the strict adherence to regulators and exploring MFS platform nationally-internationally, the research will aim to give an idea of effective management practice for CMS as well as strategic planning for providers in order to reduce threats. This case study will also provide potential for further research process in order to identify or determine effective compliance solutions for MFS in national and international purposes.