“An Analysis of Banking Crime Prevention Measures: A Case Study on Agrani Bank PLC”

Abstract

In recent years, banking crime has become a major global concern, particularly for financial institutions. International efforts have grown focused on measures to prevent money laundering, cybercrime, bank fraud, terrorist financing, and cybercrime. Serious risks to consumers and counterparties may arise from financial institutions' failure to implement appropriate policies to combat banking crime. Although it is difficult to quantify the consequences of money banking crime on economic development, it is evident that these crimes harm financial institutions and lower economic productivity by promoting crime and corruption. The report's first section will give readers a solid grasp of banking crime and the disastrous repercussions it has on the economy, security, and society. Additionally, it will go into the needs, methods, and justifications for fighting financial crime. Due to a weak financial system and insufficient regulatory framework, banking crime is more difficult to combat in developing nations like Bangladesh than in industrialized ones. Bangladesh Bank publishes guidelines to make the Prevention of Money Laundering Act easier to apply. In order to maintain the safety and soundness of their institutions, all financial institutions are required by Bangladesh Bank guidelines to establish policies against money laundering, combatting financing of terrorism, and combating banking fraud. The impact of legal and regulatory compliance, risk assessment, the KYC process, transaction reporting, and AML (anti-money laundering) training on banking crime will be the primary emphasis of this paper. The next section of this report will elaborate on the actions that Agrani Bank PLC has made to stop financial crime. The relationship and significant influence between the independent and dependent variables were shown in this study through the use of ANOVA, correlation, and regression analysis. The analysis will end with recommendations for the Bank. I am certain that the recommendations will provide helpful direction for future steps to stop banking crime.