Suspicious transaction, activity reports in banks up 65% in FY23

Suspicious transaction and activity reporting shot up 65 percent year-on-year to 14,106, with 91 percent of the reports filed by scheduled banks, the Bangladesh Financial Intelligence Unit (BFIU) said in its annual report.

Md Masud Biswas, head of BFIU, mentioned that those sending remittances accounted for 6.38 percent of the reporting, the second highest. He made the remark during the unveiling of the report at Bangladesh Bank today. 

BFIU data shows a 96.97 percent increase in reports by money remitters, highlighting the continuing risk. 

As per the Money Laundering Prevention Act 2012, BFIU can obtain cash transaction reports (CTR) from banks, and non-bank financial institutions (NBFIs) and subsequently analyse the information. 

CTR is any cash deposit or withdrawal amounting to Tk 10 lakh and above (or equivalent foreign currency) conducted through single or multiple transactions in an account within a single day in banks and NBFIs.

This information is used for operational analysis, strategic assessment and risk-based supervision of banks and NBFls.

In the 2022-23 fiscal year, banks submitted a total of 3.86 crore cash transactions while NBFIs submitted 1,238.