Three local banks’ names turn out in suspicious cross-border transactions
Three Bangladeshi banks were allegedly involved with suspicious cross-border transactions between 2014 and 2016, regarding to a written report released by the International Consortium of Investigative Journalists (ICIJ).
The lenders - Islami Bank Bangladesh Ltd (IBBL), Sociable Islami Lender Ltd and Rupali Lender - transacted $832,917 through three foreign banks as they dispatched $495,204 and received $337,733 in eight transactions.
The leaked documents, known as the FinCEN Data, include more than 2,100 suspicious activity studies filed by banks and other financial firms with the US Section of Treasury's Financial Crimes Enforcement Network.
The FinCEN is an intelligence unit at the heart of the global system to fight funds laundering.
American news flash website BuzzFeed Reports obtained the records and shared them with the ICIJ. The consortium organised a workforce of more than 400 journalists from 110 information organisations in 88 countries to research the world of banking institutions and money laundering.
Australia and New Zealand Banking Group (ANZ) sent $336,113 to IBBL between August 23 and September 1, 2016 found in three transactions, in line with the ICIJ website.
State-run Rupali Bank sent $495,204 to Deutsche Bank AG of Germany through several separate transactions in September 2016.
Regionala Investiciju Banka found in Latvia sent $1,600 to Social Islami Bank on April 14, 2014.
These transactions were prepared via two US-established banks, which filed suspicious activity reports with the FinCEN.
The Bank of New York Mellon Corp received $336,133 in three transactions, while Normal Chartered Plc sent $495,204 and received $1,600 in a complete of five transactions. The central bank will look into the matter, said the official of the Bangladesh Financial Cleverness Unit.
"We will take punitive methods if any against the law transactions are located," he said.
In every, an ICIJ analysis found, the documents identify more than $2 trillion in transactions between 1999 and 2017 that were flagged by personal institutions' inner compliance officers as feasible money laundering or additional criminal activity.
Suspicious activity reports reflect the concerns of watchdogs within banks and so are not necessarily proof criminal conduct or various other wrongdoings, the ICIJ reported.
The records show that five global banks - JPMorgan, HSBC, Regular Chartered Bank, Deutsche Bank and Bank of New York Mellon - kept profiting from powerful and dangerous players even after US authorities fined these finance institutions for earlier failures to stem flows of dirty money.
