In Today’s world, where banks and financial institutions have undergone a rapid change and has seen a huge increase not just in the volumes but also in the number of the transactions, the rapid upsurge in the remittance and currency - exchange sector has benefited many people by allowing smooth flow of money across borders. Contrariwise, the increase in the volumes and number of transactions has also imposed several challenges on carrying out the monitoring and reporting activities correlated with the transactions. Knowing that the failure in efficiently following and fighting against money laundering and terrorism financing is a threat which is not limited to a society, but also to the nation and the World overall (in a bigger picture). So, there is a need to address this issue efficiently and form ways to improve the Anti – Money Laundering (AML) and Combating Financing of Terrorism (CFT) methods considering the different possible ways which can be used by money launderers in committing the financial crimes and thereby crippling the nation.