Certified Anti Money Laundering Specialist (CAMS):
Certified Anti Money Laundering Specialist (CAMS) broadly deals with Anti-Money Laundering (AML) related issues. It is the most recognized certification for the professionals working in the anti-money laundering field. The certification immensely helps to boost up knowledge of AML/CTF principles, AML/CTF compliance, compliance standards, international sanctions, and more relevant issues. Click here for more...
What is Mortgage? What is Bank Loan Mortgaging?:
Mortgage secures a loan as it serves as collateral to secure a loan. In general, when immovable property or properties such as land, building, heavy machinery or other types of real estate is offered (through a Registered Mortgage Deed) by a customer (Mortgagor) as security of loan hence a charge thereon is established by means of a 'Mortgage'. Click here for more...
What is Loan Rescheduling and Its Process and Scenario in Bangladesh
Loan Rescheduling is the process of making bad loans to regular loans. It is the process of extending time to pay existing loan tenure; that is extending the repayment period; and this is so happen when borrower fails or unable to pay its loan/loan installment within sanctioned/specified time or in time. Due to borrower's loan payment capacity fails, loan rescheduling process takes place. Click here for more...
NI Act, 1881 (THE NEGOTIABLE INSTRUMENTS ACT, 1881)
Negotiable Instruments Act, 1881 (most commonly known and called NI Act 1881) is an act deals with the law governing the usage of negotiable instruments. Negotiable refers to transferable and "instrument" refers to a document that gives legal effect to that instruments by the virtue of the law. Click here for more...
What Documents are needed to open a Company Account (Private Limited Company and Public Limited Company)?
A company account is opened in the name of a respective Company which is registered at Registrar of Joint Stock Companies and Firms (RJSC) of the Government of People's Republic of Bangladesh. To open a company account in a Bank the following documents are needed or required Click here for more...
Diploma in Islamic Banking (DIB) Banking Diploma October 2023
Diploma in Islamic Banking (DIB) Exam Schedule has been published. The circular of DIB examination for October-2023 has published on August 31, 2023. The Diploma in Islamic Banking (DIB) Examination will be held on October 06, 13, and 20, 2023. DIB Exam will be held in 13 (thirteen) exam centers in Dhaka, Chattogram North, Chattogram South, Khulna, Bogura, Rajshahi, Barishal, Cumilla, Sylhet, Rangpur, Noakhali, Mymensingh and Jashore. Click here for more...
Digital Banks - a New Journey in Financial Sector of Bangladesh
Digital Banks will more boost up Bangladesh's financial system though it is yet in initial stage. Digital Bank will provide banking products and services to people by means of artificial intelligence system. It is the digital banking platform where all products and services will be delivered through apps/software or computer systems or digital devices. As per Bangladesh Bank guidelines, Digital Banks (DB) will have no branch or sub-branch or agent, no ATM booth, no physical transactions, can't issue any physical instruments, and can't provide over-the-counter services. Click here for more...
The Institute of Bankers, Bangladesh (IBB)
The Institute of Bankers, Bangladesh (IBB) is an autonomous professional body of banks and financial institutions in Bangladesh. Country's banks and financial institutions are members of this organization. The Institute of Bankers, Bangladesh is located at Bir Protik Gazi Golam Dostogir Road, Purana Paltan, Dhaka. IBB is run, under supervision of Bangladesh Bank, by a council headed by President who is the governor of Bangladesh Bank. Click here for more...
Certified Shari'ah Advisor and Auditor (CSAA)
Certified Shari'ah Advisor and Auditor (CSAA) offered by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), a Bahrain-based based non-profit organization working for establishment of Shariah standards in Islamic financial institutions. Since 2006, AAOIFI has been offering the CSAA professional qualification which demonstrates Shari'ah compliance and Shari'ah issues in Islamic banks and financial institutions. Click here for more...
PLC (Public Limited Company) Vs Ltd/Limited
PLC stands for Public Limited Company. It was Bangladesh Bank's notice to Banks and non-bank financial institutions (NBFIs) to replace their company suffix "Limited" with PLC in order to comply with the Second Amendment-2020 of the Company Act of 1994. The central bank, Bangladesh Bank, has given permission to banks and NBFIs to complete legal procedures to change their company name and the Articles of Association by adding 'PLC' as a suffix in the place of "Limited". Click here for more...
Banking Viva: General Banking
Candidate: I am General Banking In-charge in the branch Board: Very good, Tell us Functions of General Banking? Candidate: The functions of General Banking include Account Opening, Update, Closing; Dealing with Cash Management, BACH/Clearing House related activities, Cheque Book Issue and Deliver, Locker Service, Fund Transfer (e.g. RTGS, EFT etc.), Pay Order Issue, Demand Draft Issue, Dealing with Bank's Deposit Products, Receive Positive Pay and Stop Payment Instruction, and more. Click here for more...
Duties and Responsibilities of BAMLCO
As per BFIU Circular No.26 dated 16 June 2020, clause no. 1.3 (4), a bank shall select a Branch Anti-Money Laundering Compliance Officer (BAMLCO) in their every branch. A BAMLCO can be Branch Manager, Manager Operations (Second Officer of Branch), or expert and experienced Senior Officer from the department of General Banking, Foreign Exchange, Credit, etc. Click here for more...
What is Beneficial Owner? Who is Beneficial Owner?
As per Guidelines for Beneficial Owner published by Bangladesh Financial Intelligence Unit (BFIU) beneficial owner means the individual who "has effective control of a customer"; or "owns a prescribed threshold, 20% as per Bangladeshi regulation of the company or legal arrangements". Click here for more...
What is Sanction? Who is Sanction Authority? Types of Sanction, Nature of Sanction, and Impact of Sanctions
Sanctions are penalties applied by one country or organization or authority on another country/countries or person(s) or company/companies or organization(s) or entity to control one's behaviour or to stop certain actions. Generally, Sanctions imposed or applied for global peace and security purpose or for political and social purpose which violates human rights, democracy, etc. Click here for more...
Phantom Shipping/Phantom Shipment
In Trade Based Money Laundering (TBML), Phantom Shipping or Phantom Shipment is one the techniques where no goods actually shipped or no shipment has taken place but documents are presented to show that as if it is a valid shipment. Click here for more...
Cash by Code of Islami Bank Bangladesh Limited (IBBL)
Cash by Code is a popular ADC product of Islami Bank Bangladesh Limited (IBBL). At present, the feature can enjoy from CellFin and iBanking. Cash by Code is another way to send money to any person who does not have bank account with IBBL, or have no ATM Card. It is the easy way to send money from IBBL CellFin and iBanking to any person who has no Bank Account or ATM Card. Click here for more...
Agent Banking: its functions and present scenario in Bangladesh
Agent Banking provides basic banking services to people in Bangladesh. Though at the initiation of the agent banking, it was thought that agent banking will provide banking services to remote areas people of the country; currently the agent banking services expended to nationwide, both in urban and rural areas, specially where branch or sub-branch of a bank is not available. Click here for more...
What is Letter of Credit (L/C)/Documentary Credit/How Letter of Credit (LC) Dealings and Transactions Works/LC Types...
There are four payment methods work in the international trade field. They are - 1. Advance Payment 2. Open Account (Consignment Sale) 3. Documentary Collection (Document against Payment (D/P) and Document against Acceptance (D/A) 4. Documentary Credit (Governed by UCPDC, eUCP etc.) Click here for more...
An Overview of IBBL CellFin App
CellFin is a popular digital banking wallet of Islami Bank Bangladesh Limited (IBBL). IBBL inaugurated CellFin App on 30 November 2020 at Islami Bank Tower, Dilkusha C/A, Dhaka. It is an Omni channel financial mobile application (FinTech Product) which provides different types of banking services. Click here for more...
Loan Documentation
Loan Documentation is the process of preparing, filling and preserving of documents for loan sanction procedure. And these documents complied and completed before loan disbursement. There are different types of documents are taken by bank from its borrower to secure its loan/investment. All documents are taken and preserved as per terms and conditions of the loan. Click here for more...