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Research Workshop on Money Laundering Vulnerabilities in New Payment Systems held at BIBM


 Press Release
Dhaka, October 10, 2018
A day long research workshop was held at the Bangladesh Institute of Bank Management (BIBM) on October 10, 2018, in its auditorium. A paper titled " Money Laundering Vulnerabilities in New Payment Systems: Bangladesh Context " was presented in the workshop by Dr. Shah Md. Ahsan Habib, Professor  & Director (training) of BIBM. Other members of the research workshop team are Antara Zareen, Assistant Professor, BIBM; Md. Foysal Hasan, Lecturer of BIBM; Syed Mushfiqur Rahman, First Secretary, National Board of Revenue (NBR); Mohammad Abdur Rab, Joint Director of Bangladesh Bank; Khandaker Ali Kamran Al Zahid, Joint Director of Bangladesh Bank; Pradip Paul, Joint Director of Bangladesh Bank; Md. Rashed, Joint Director of Bangladesh Bank; Major General Sheikh Md Monirul Islam, ndc, psc(retd), Chief External and Corporate Affairs Officer of bKash Limited.
BIBM Director General Toufic Ahmad Choudhury Chaired the Program. A good number of participant’s senior bank executives, academicians, media representatives, faculty members, officers of BIBM participated in the research workshop. The study identifies the problem areas as well as success factors in Money Laundering vulnerabilities in New Payment Systems of Banks in Bangladesh.
BIBM Muzaffar Ahmad Chair Professor Barkat-e-Khuda; Helal Ahmed Chowdhury, Supernumerary Professor of BIBM;  Md.Yasin Ali, Supernumerary Professor of BIBM; Faruq Mainuddin Ahmed, Managing Director & CEO of Trust Bank Limited; S.M. Mainuddin Chowdhury, Additional Managing Director of Southeast Bank Limited; Lila Rashid, General Manager of Bangladesh Bank; Zakaria Swapan, Founder and CEO of iPay System Limited spoke among others at the workshop.
According to the perception survey, anonymous transaction through the mobile payment service is considered the most vulnerable area as it creates scope for money laundering. Some 81 percent of bankers identified the transaction from anonymous sources as the major concern for money laundering while improper KYC (Know Your Customer) encourages such transactions.
A weak identification process and lack of verification mechanism as well as identity fraud encourage fund transfer from anonymous sources through electronic payment channels such as mobile banking, card payment and agent banking, according to the research.
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Written by Manager

Sunday 14th October 2018