Anti money laundering activities and its prevention in BRAC Bank Limited

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Date
2014-06-15Publisher
BRAC UniversityAuthor
Bose, Catherine AnieeMetadata
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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.