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          The Bangladesh Bank (BB) has slapped a fine worth Tk 10,000 on a private commercial bank (PCB) for non-compliance with the requirement for reporting of suspicious transactions, official sources said.
The Social Investment Bank Limited (SIBL) faced the music from the central bank on the basis of the BB investigation report that recommended imposing penalty in line with the existing Anti-Money Laundering Act.
When contacted, the Managing Director of the SIBL K A M Asaduzzaman said he was not aware about the matter.
"We have fined the bank due to non-compliance with suspicious transaction report (STR)," a BB senior official told the FE Sunday, adding that it might be a lesson for other banks for non-compliance with reporting of such transactions.
Under the existing provisions, the central bank can impose penalty from Tk 10,000 to Tk 1,00,000 if the banks fail to maintain the rules and regulations relating to submission of the STRs.
Earlier, the BB has launched a special drive to find out suspicious transactions in line with the provisions of the existing Anti-Money Laundering Act.
The central bank took the move against the backdrop of poor response by the commercial banks for submission of the STRs.
The officials of Anti-Money Laundering Department (AMLD) of the BB have already investigated into the operations of 11 branches of banks - nine in Dhaka and two in Khulna - to probe that why the banks are not interested in filing their STRs properly.
At least 30 commercial banks out of 48 did not submit any STRs to the concerned department of the central bank since 2002, sources in the BB confirmed.
The central bank is now investigating into the operations of some selected bank branches across the country in phases to find out the real situation about the matter, the sources added.
According to sources, a total of 176 STRs have been submitted to the central bank since July 2002. Of them, at least 80 STRs have already been investigated into by different law enforcing agencies including the BB.
Under the existing Anti-Money Laundering Act, the banks are required to inform Anti-Money Laundering Department of the central bank instantly if it detects any suspicious transactions.
Most of the banks are unwilling to submit STRs because of such reports might affect their relations with clients, sources in the banking sector said, adding that the banks often refrain from sending the reports to avoid possible harassment.