Suspicious transactions increased by 62.32pc in FY22, says BFIU
The suspicious transaction reports (STR) and suspicious activity reports (SAR) have increased by 62.32 per cent in the fiscal year 2021-22, compared to that of the previous fiscal year.
According to a report of Bangladesh Financial Intelligent Unit (BFIU), a concern of Bangladesh bank, at reports of 8,571 STR and SAR were received in the outgoing fiscal year. The number of such reports was 5,280 in the fiscal year 2020-21.
In a fiscal year, STR has increased by 3291 or 62.32 per cent, according to UNB.
Earlier in FY20, there were 3,675 suspicious transaction and activity reports; in FY19 such transactions were 3.573, the BFIU’s latest annual report said.
BFIU presented the report's details during a press conference at Bangladesh Bank on Monday. The central bank’s Executive Director and BFIU head Masud Biswas shared the information with the media.
He said all suspicious transaction reports are not crimes. “If there is evidence of any crime, we take action,” he said.
“So far, action has been taken against clients and related parties of many banks and financial institutions,” he said.
According to the BFIU report, banks have submitted a maximum of 7,999 suspicious transaction reports in the entire financial year.
In the previous financial year, the banks submitted 4,495 reports. Financial institutions submitted 106 reports and exchange houses submitted 457 reports.
Generally, some transactions and activities are considered suspicious ones that have reasonable grounds to believe that funds are the proceeds of predicate offence or may be linked to terrorist activity or the transactions do not seem to be in the usual manner.
Central Bank Executive Director and Spokesperson GM Abul Kalam Azad, BFIU Director Rafiqul Islam, and Additional Director Kamal Hossain among others were present at the press conference.