Safeguarding Transaction-The role of money laundering in bKash Limited (MFS)”

Abstract

In the past few years, the MFS business has grown at a rapid clip, and one of the major players in this market is bKash Limited. This report explores the vital role that money laundering plays in bKash Limited's (MFS) as well as the precautions that the business has taken to ensure that payments are safe. My internship in the bKash Department of External and Corporate Affairs (ECAD) shaped the perspectives I provide here. Serving as bKash's commercial and administrative arm, the ECAD department is essential to the company's ability to maintain positive working relationships with judicial and regulators. To handle compliance with regulations and external relations, two separate divisions within ECAD— Anti-Money Laundering and Counter Financing of Terrorism (AML&CFT) and External Affairs—work together. To promote a cohesive and cordial relationship with legal and regulatory bodies, External Affairs plays a crucial role. This division acts as a liaison, making sure bKash complies with legal requirements and keeps good relations with outside parties. I was introduced to the complex mechanics of establishing and maintaining connections in a highly controlled business during my time as an intern in this sector. However, inside the bKash ecological system, AML&CFT plays a crucial part in reducing the risks related to the laundering of funds. This section keeps a close eye on things and makes sure that merchants, agents, and customers aren't engaging in any illegal activity. The main goals are to protect transactions and stop the financial infrastructure from being abused for immoral ends. I got the chance to support efforts targeted at bolstering the business's anti-money laundering safeguards as an intern in the AML&CFT division. This required learning about the regulatory environment, acquiring a sophisticated grasp of risk evaluation, and actively taking a role in the creation and application of safeguarding tactics. Finally, this report will explore further the details of how bKash Limited is dedicated to protecting activities and avoiding the penetration of money laundering operations in its digital payment services via the coordinated efforts of its ECAD division.