Analysis of Consumers to Prevent Anti-Money Laundering & Combating Financial Terrorism: A Case Study of Dhaka Bank PLC

Abstract

This report presents an in-depth analysis of the account opening process at Dhaka Bank PLC, focusing on compliance with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations. The account opening process is a critical function in banking, ensuring that new customers are onboarded securely while maintaining regulatory compliance. The study highlights key components of the process, including customer verification, National ID (NID) validation, N-screening, sign scanning, customer transaction profiling, and forwarding accounts to the head office. These steps ensure that Dhaka Bank adheres to regulatory guidelines while minimizing risks associated with financial crimes. In Dhaka Bank PLC, compliance with Bangladesh Bank regulations and global AML/CFT policies is an essential aspect of the account opening process. Strict due diligence measures are followed to verify customer authenticity, prevent fraudulent activities, and maintain transparency in financial transactions. This includes thorough risk assessments and the integration of technological advancements to streamline verification and documentation procedures. In conclusion, the account opening process at Dhaka Bank PLC is structured and well-regulated, ensuring efficiency and security while maintaining compliance with AML and CFT guidelines. The study identifies areas for improvement, such as enhancing automation and digital verification tools, to further optimize the process. By maintaining strict regulatory standards and leveraging technology, Dhaka Bank PLC continues to uphold the integrity of its banking operations and contribute to a more secure financial system.