Designing a future-ready compliance program to combat financial crime in Bangladesh

The world of Financial Crime prevention and third-party risk management is constantly evolving. Globally, four trillion dollars is the amount of money laundered through the financial system. USD 10 Billion was issued in AML fines in the year 2020.

AML/ KYC regulation is designed to prevent financial institutions from being exploited by potential or existing clients. The pervasive nature of financial crime has led to organizations spending vast sums- Refinitiv research reveals as much as an average of 3.1% of annual turnover – trying to detect and prevent illicit financial activity within their customer networks. This includes money laundering, bribery and corruption, fraud, tax evasion and more. Organizations that fail to detect potential risk early in the process risk significant regulatory, financial and reputational damage, reinforcing the need for regulated entities to ensure that they assess and understand the full range of potential risks introduced by any new or existing customer.

We hosted a key session on how Bangladesh banks can play a critical role in fighting the threat of financial crime with regulatory guidance from Bangladesh Financial Intelligence Unit(BFIU) and insights from industry leaders in compliance from Dutch Bangla Bank Ltd. and BRAC Bank Ltd.

For new insights on artificial intelligence (AI), digitalization, big data, risk management, compliance, fighting financial crime and the future of trading and investing, visit our insights hub – http://refinitiv.com/perspectives.

Refinitiv is one of the world’s largest providers of financial markets data and infrastructure, serving over 40,000 institutions in approximately 190 countries. It provides leading data and insights, trading platforms, and open data and technology platforms that connect a thriving global financial markets community – driving performance in trading, investment, wealth management, regulatory compliance, market data management, enterprise risk and fighting financial crime. https://www.refinitiv.com

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