The Board Directors of BRAC Bank views money laundering prevention as an integral part of the Bank's risk management strategy and not simply as a stand alone requirement that is being imposed by the legislation. Money laundering prevention is not viewed in isolation from Bank's other business systems and needs.

In recognition of the fact that financial institutions are particularly vulnerable to money launderers the BRAC Bank Board has developed a policy against which it will assess the adequacy of the internal controls and procedures to counter money laundering.

The policy reflects the Board of Directors commitment to comply with the Money laundering Prevention Act 2002, Bangladesh Bank Instructions and other related local and international regulations. It spells out senior management's responsibility in Anti Money Laundering Compliance and develops awareness at all levels of the Bank regarding the importance of the Bank's Anti Money Laundering Strategy.

The policy includes the development of

It includes a description of the roles of the Anti Money Laundering Compliance Officers. It also emphasizes the responsibility of every employee to protect the Bank from exploitation by money launderers and describing the consequence of non-compliance with the applicable laws and the Bank's policy, including the criminal, civil and disciplinary penalties and reputation harm that could ensue from any association with money laundering activity.

The Board of Directors has approved a KYC policy for the Bank. The guiding principle of KYC is - Do business with reputable customers who are involved in legitimate business activities and whose income and wealth are derived from legitimate business.

For monitoring the customer transaction and reporting to the concerned department designated officials are assigned as follows:

In addition to the immediate report of suspicious transactions, the following returns are to be submitted to Bangladesh Bank: