Internship Report on “ Analysis the Reasons Behind Account Freezing at Janata Bank PLC: A case study on Mirpur-1 Corporate Branch"

Abstract

This report reflected on my internship experience at Janata Bank PLC, Mirpur-1 CorporateBranchwhere I got to explore the bank in practical manner. My internship revolved around the variousbankingoperations in relation to account opening,customer service and KYC(KnowYour Customer)compliance procedures. I also worked on verifying customer documents, dealing with KYCdata, andcompliance. This report is mainly aimed at understanding the factors that lead to the freezing of your account atthebank – the most crucial on this front being improper KYC documentation or KYCdocumentationthatis not updated. During my internship, I saw many misalignments of customer data, delays incustomeraccount activation and a bitter experience suffered by customers due to these inconsistencies. As the below analyses in this report show, completion of KYC also differs depending onthetypeofaccount. Loan Accounts had a very low completion rate and a pretty fair amount of accountslyinginBad & Loss (BL) category leading to operation risk. They showed a higher proportion of completioninDOR versus Savings Accounts but even so a proportion of DOR-13 and DOR-17 remainednot wellcompleted. "Everybody was "screaming" about these problems, which resulted in ineffectivetaskingofthe bank and disgruntled customers. To make the current KYC compliance procedure faster and easier, the report recommends improvingthe processes, communication with the customers to avoid freezing their accounts, andadoptingnewadvanced technology as a way to quickly manage KYC data using market intelligence andmachinelearning. Implementing these recommendations will improve Janata Bank's compliance withregulatoryrequirements, operational effectiveness, and customer satisfaction.