Anti money laundering activities and its prevention in BRAC Bank Limited

Abstract

This report aims at providing an overall analysis of the Anti Money Laundering Activities and its prevention in BRAC Bank. As the bank deals with money, people sometimes tend to utilize the advantage of banks to conduct different types of illegal chores to reap benefit out of it, so banks have to make sure that these types of illegal activities do not take place. To prevent these activities they take necessary steps and follow some structured guidelines. That’s why, first of all, I’ve made an overview of the organization, BRAC bank Limited, where I had completed my internship program. Here I tried to focus the bank’s history of origination, its mission and vision, major departments and business units and major products and services. Then, in Part two, I have explained in details of the activities at the office. Finally I got some findings from the analysis of the anti-money laundering activities. Then I conclude my report saying some policy implications and limitations of the report. The purpose of this study is to present the scenario and prevention of money laundering in Bangladesh in terms of banking sector at the perspective of BRAC Bank Ltd. Bangladesh faces significant risks of money laundering (ML) and some risks of terrorism financing (TF). The authorities readily acknowledge the prevalence of corruption, narcotics trafficking and human trafficking. Bangladesh has required its banking sector to adopt anti-money laundering/combating the financing of terrorism (AML/CFT) preventive measures for several years, however there are significant gaps in coverage with securities and remittance sectors not yet included in the regime. While progress has been made, the scope and depth of preventive measures needs to be expanded in scope (activities and obligations). AML preventative measures were initially set out in the MLPA 2002, which was replaced by the MLPO 2008, and various Bangladesh Bank AML Circulars, and in enforceable AML Guidance Notes. Bangladesh Bank has issued a number of Anti Money Laundering Circulars to instruct banks and financial institutions on detailed AML/CFT preventative measures. In this study I tried my level best to discuss about the exact scenario of money laundering and prevention which are taken by BRAC Bank Limited. To complete this report I have gone through some papers and articles about Anti Money Laundering from the internet. I also took help from my superiors of my office. Money Laundering can never be prevented by a person alone; it requires an effort of the people from every nook and corner.