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Suspicious transactions jump by 65pc in FY23: BFIU

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Suspicious transactions and activity reported across the country jumped by around 65 per cent in the financial year 2022-2023, with 91 per cent of such reports filed by commercial banks, according to the annual report of the Bangladesh Financial Intelligence Unit (BFIU).

Unveiling the report at Bangladesh Bank (BB) headquarters on Tuesday, BFIU head Md Masud Biswas said the intelligent unit received 1401 suspicious transaction reports (STR) and suspicious activity reports (SAR) in the immediate past fiscal year (FY23), up by 64.58 per cent from the previous year’s (FY22) number of 8571.

Of them, the highest number of such reports (12809) came from commercial banks, followed by money remitters (900), he said.

As per the Money Laundering Prevention Act 2012, BFIU can obtain cash transaction reports (CTR) from banks and non-bank financial institutions (NBFIs) and subsequently analyse the information.

CTR is any cash deposit or withdrawal amounting to Tk 1.0 million and above (or equivalent foreign currency) conducted through single or multiple transactions in an account within a single day in banks and NBFIs.

This information is used for operational analysis, strategic assessment and risk-based supervision of banks and NBFls.

In FY23, banks submitted a total of 38.68 million cash transaction reports involving Tk 22.86 trillion, while NBFIs submitted 1,238 such reports where Tk 2.10 billion was involved.

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