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The Bangladesh Bank (BB) has fined a private commercial bank (PCB) Tk 10,000 for non-compliance of rules with regards to reporting on suspicious transactions, official sources said.
A third generation shariah-based bank 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 Prevention Act.
"We have fined the bank for non-compliance of rules applied for suspicious transaction report (STR)," a BB senior official told the FE Thursday, adding that the central bank has already launched a special drive to find out STRs across the country.
Under the existing provisions, the central bank can impose penalty from Tk 10,000 to Tk 100,000 if the banks fail to maintain the rules and regulations relating to submission of the STRs.
Earlier, the BB directed the banks to strictly follow the STR rules and regulations to check illegal fund transfers.
Under the existing Anti-Money Laundering Prevention Act, the banks will have to inform Anti-Money Laundering Department of the central bank instantly if it detects any suspicious transactions.
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