Mechanism and effects/impacts of money laundering in Bangladesh: preventive measures at Dhaka Bank’s AML-CFT department.

Abstract

Dhaka Bank Limited is one of the leading banking company in Bangladesh. It was a great pleasure for me to able to conduct my internship program in Dhaka Bank. During my internship period I have gathered a lot of knowledge which can be beneficial for my future. I have worked in an AML CFT division in Dhaka Bank. I have talked about my daily job responsibilities in this report. My job responsibilities were to make a circular for letters, checking the name of people or organizations which have been mentioned on the letter, collecting monthly CTR, AML Meeting minutes from every branch. Moreover, I have discussed the overall operational activities of Dhaka Bank. Branches, departments, services, management practices, marketing practices- everything has been discussed in detail. Furthermore, the main objective of this report is to analyze the process of money laundering, the impact of money laundering in our country and lastly Dhaka Bank’s initiatives on Anti-Money laundering. Here, I have done qualitative research for these issues. Money laundering is a global issue and Bangladesh’s risk score is high in laundering money. For laundering money, people or organizations mostly target financial institutions as their weapon. It affects our economy very badly. Government is taking many initiatives for solving these problems. Besides, Dhaka Bank is taking necessary measurements for stopping money laundering problems under the supervision of BFIU.