Be cautious about suspicious transactions, Atiur tells banks

FE Team | Published: March 04, 2014 00:00:00 | Updated: November 30, 2026 06:01:00

All banks have been asked to be highly cautious in reporting suspicious transactions so that the central bank can take timely steps against money laundering and terror financing, reports BSS.
Bangladesh Bank (BB) Governor Dr Atiur Rahman gave the directive on Monday after launching the goAML, an anti-money laundering software to strengthen BB's capacity further to effectively combat money laundering and terror financing.
The goAML application has been developed by the United Nations Office on Drugs and Crime (UNODC). It is an integrated database and intelligent analysis system developed for the financial intelligence units worldwide.
The major objective of this software is assisting countries to providing a uniform and standard AML (anti-money laundering) platform to fight against money laundering.
Speaking on the occasion, the governor said banks should take utmost care in reporting suspicious transactions, otherwise, the objective of this new software would not be achieved.
He said money laundering and terror financing should be fought with a coordinated effort from all concerned including banks and financial institutions.
The governor said banks could submit their cash transaction report (CTR) and suspicious transaction report (STR) online by using this new software.
According to BB's rule, all commercial banks have to report to the BB if an amount of Taka 10 lakh and above is deposited or withdrawn from a particular account. The daily CTR should be submitted to the central bank within three weeks of the following month.
In case of failure to follow the rule, BB will fine the bank concerned Taka five thousand to Taka fifty thousand per day depending on the amount of the unreported transaction. BB can also take any other disciplinary action if any bank faces such penalty for more than three times. The new software, however, will facilitate banks submit their CTR within the stipulated time.