Enhancing eork effectiveness and stability through AML/CFT compliance and training regime in bKash Limited

Abstract

bKash is a mobile financial company which gives poor people easy access to use financial services to improve their life. However, this mobile financial transaction poses money laundering and terrorist financing risk as it includes millions of people all over the country to transacting in the untraceable world of cash, which can be manipulated by fraud and criminals. Thus bKash AML/CFT department makes sure regulations and standards are followed thoroughly which is set by Bangladesh Financial Intelligence Unit (BFIU). The purpose of this report was to show how effectiveness of AML/CFT regime can positively affect the entire company and make the whole infrastructure fall in a systematic and standardized process. 40 respondents were picked and the respondents are all officers from the External and Corporate Affairs division since they are involved with and exposed AML/CFT compliance the most. From the collected data, it could be observed that responses to all the questions were fairly positive. However, looking closely it can be seen that in response to whether the employees think that the existing legal and administrative framework in Bangladesh is highly adequate to establish a strong and effective AML/CFT system for financial institution to adhere to.