Forensic Analysis of Bancassurance Marketing and Audit Clarity in Bangladesh

Abstract

Bancassurance, the collaboration between banks and insurance companies, has gained significant traction in Bangladesh as a strategic avenue for financial institutions to diversify revenue streams. However, the sector faces challenges regarding transparency, regulatory compliance and audit effectiveness. This study conducts a forensic analysis of bancassurance marketing strategies and the clarity of audit mechanisms in Bangladesh, aiming to identify potential risks, ethical concerns and financial misstatements. The research employs a mixed method approach, incorporating financial data analysis, regulatory review and expert interviews to assess marketing practices and audit procedures. Findings indicate that while bancassurance enhances financial inclusion and accessibility, discrepancies in commission structures, misrepresentation of policies, and insufficient audit oversight pose risks to consumer trust and financial stability. Moreover, gaps in regulatory enforcement contribute to inconsistencies in reporting and internal control weaknesses. This study underscores the need for stronger forensic audit frameworks, improved compliance measures, and enhanced transparency in bancassurance operations. Strengthening oversight mechanisms will not only improve audit clarity but also bolster stakeholder confidence in Bangladesh’s financial sector.