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The central bank earlier identi!ied si- core risk areas in the bankin# sector& The risk !actors are: credit, asset and liability, !orei#n e-chan#e, in!ormation technolo#y, internal control and com,liance, and money launderin#& (esides, ins,ection strate#ies o! the central bank ha"e been amended to address the recent !orei#n e-chan#e irre#ularities usin# acce,ted bills and inland bill ,urchases )I(Ps* in both !orei#n and local currencies& /urin# the ins,ection o! ./ branches, the ins,ectors are collectin# di!!erent in!ormation includin# !orei#n bills ,urchases )4(Ps*, loans a#ainst trust recei,ts )8T9s*, ,ayment a#ainst documents )P./s*, loan a#ainst im,orted merchandise )8I%*, !orced loans and o!!+balance e-,osures&
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3ollectin# di!!erent in!ormation includin# !orei#n bills ,urchases )4(Ps*, loans a#ainst trust recei,ts )8T9s*, ,ayment a#ainst documents )P./s*, loan a#ainst im,orted merchandise )8I%*, !orced loans and o!!+balance e-,osures& 3heck+list !or core risk mana#ement #uidelines ins,ection $ill be re"ie$ed & 'sin# acce,ted bills and inland bill ,urchases )I(Ps* in both !orei#n and local currencies& 3heckin# irre#ularities in the bankin# sector throu#h stren#thenin# its monitorin# and su,er"ision&
The details o! the 28+,oint su,er"isory measures $ere ,resented at a meetin# o! the (( board&
. $eb+based cor,orate memory mana#ement system )3%%S* has also been de"elo,ed to record "iolation o! bankin# rules by the o!!icials and directors o! banks and other !inancial institutions& Some irre#ularities by bank o!!icials and directors ha"e already been recorded in the 3%%S and these $ill be re"ie$ed later !or takin# !urther actions&
(( board ad"ised the authorities to !ind out the reasons behind the 6all+%ark scam and $anted to kno$ about the measures the central bank is #oin# to take to sto, such !rauds&
.t the board meetin#, the central bank made a ,resentation, $hich hi#hli#hted its e-istin# and !uture measures to sto, such !inancial irre#ularities& . (( re,ort ,laced at the board meetin# also ,ortrayed the !ailure o! Sonali (ank s treasury mana#ement, and #a"e details ho$ a hu#e amount o! money
$as embe77led by dubious 6all+%ark =rou, $hen the bank $as #oin# throu#h !inancial crisis& The (( has asked the banks to !orm a se,arate risk mana#ement unit& The units $ill do risk modellin#, determinin# their risk limit, and analysin# and su,er"isin# all the e-istin# risks& The (( has already taken actions a#ainst the o!!icials concerned o! these banks !or $hich the "olume o! !raud+related bill ,urchase has come do$n no$& 9e#ular ins,ections are bein# carried out to ensure $hether due dili#ence is bein# !ollo$ed in case o! inland bill ,urchase and acce,ted bills& The (( also has started re#ular ,re,aration o! dia#nostic re"ie$ re,ort o! the banks to brin# the concerned banks under intensi"e monitorin# a!ter e"aluatin# the #ra"ity o! irre#ularity throu#h distant cautionary si#nal&
Conc#usion
The im,act o! !rauds on entities like banks, $hich are en#a#ed in !inancial acti"ities, is more si#ni!icant as their o,erations in"ol"e intermediation o! !unds& The economic cost o! !rauds can be hu#e in terms o! likely disru,tion in the $orkin# o! the markets, !inancial institutions, and the ,ayment system& (esides, !rauds can ha"e a ,otentially debilitatin# e!!ect on con!idence in the bankin# system and may dama#e the inte#rity and stability o! the economy& It can brin# do$n banks, undermine the central bank<s su,er"isory role and e"en create social unrest, discontent and ,olitical u,hea"als& The "ulnerability o! banks to !raud has been hei#htened by technolo#ical ad"ancements in recent times& I! the ste,s taken by (an#ladesh (ank can be !ully im,lemented, the threats o! the !rauds in bankin# sector $ill be remo"ed&