The growing concern of customer due diligence in line with CitiBank N. A. Bangladesh

Abstract

Banking is the most lucrative business and thus should provide the best services to the clients to maintain its welfare. More importantly, since this sector is highly customer oriented, the only way it can achieve its goal is by satisfying the customers by providing quality, effective and efficient services. I got the privilege to work as an intern in Citibank, N.A., Dhaka ( Gulshan branch) for 3 months. The topic that I have focused in my report is on “The Growing Concern of Customer Due Diligence In Line With Citibank N.A” which they practice all throughout Bangladesh. I worked under Securities and Fund Services department. In my report, I have focused on know your customer procedure, key elements of customer due diligence, benefits of customer due diligence, purpose of customer due diligence and enhanced due diligence (EDD). The key elements of KYC program have four elements such as customer acceptance policy, customer identification, on-going monitoring of high risk accounts and identification of suspicious accounts. I have also made some recommendation in line with FATF recommendations. This real picture of the bank which I was able to observe through my eyes during my internship period has contributed greatly in preparing this report. I also gathered practical experience during this period which also helped me in preparing this report accurately.