Bangladesh Bank has fined Premier Bank Limited Tk 100,000 under the Money Laundering Act for not keeping clean about their clients' particulars.

"The commercial bank failed to comply with the KYC [know your customer] guideline," said a senior central bank official. The fine was imposed on Saturday.

The Bangladesh Bank was investigating an allegation that the commercial bank had opened fake accounts to facilitate opening forged BO (beneficiary owners) accounts in an effort to gobble up major primary shares the bank offered for the public.