Partnership Firm Account Opening with Minor Partner

The date of birth of the minor

The minor is not liable to the liabilities of the firm

Give notice within a specified time to elect to be liable or not to be liable as a partner

<p>The minor becomes a partner after the expiry of the specified period</p> Signup and view all the answers

<p>Treat them as inoperative accounts and transfer them to a 'DORMANT' account</p> Signup and view all the answers

<p>Prior permission from the Manager / Sub-Manager after verifying the account holder's identity</p> Signup and view all the answers

<p>Protecting and building up their deposit base, growing their capacity for creating products in different areas of operation, strengthening their ability to manage different areas of general banking, and enhancing their ability for providing services as per customer needs.</p> Signup and view all the answers

<p>Malpractices that take the form of irregularities or non-compliance of procedures and fraudulent activities like bank fraud, money laundering.</p> Signup and view all the answers

<p>Because banks are widely perceived to be more fragile than other non-financial organizations.</p> Signup and view all the answers

<p>Relevant legislative measures have been made and stringent compliance requirements have been increased.</p> Signup and view all the answers

<p>It can prove to be very challenging for banks.</p> Signup and view all the answers

<p>Because all associated risks of general banking must receive adequate attention to ensure the stability of the bank.</p> Signup and view all the answers

<p>When individuals or legal entities are scored with high risk, when dealing with politically exposed persons or influentials, or when transactions are unusual in pattern, volume, and complexity with no apparent economic or lawful purposes.</p> Signup and view all the answers

<p>Additional information on the customer's occupation, volume of assets, and information available through public databases, internet, etc.</p> Signup and view all the answers

<p>To understand the legitimacy of the customer's funds and to identify potential risks associated with the source of their wealth.</p> Signup and view all the answers

<p>To ensure that the bank's senior management is aware of the risk level of the customer and has approved the business relationship, thereby minimizing potential risks.</p> Signup and view all the answers

<p>To increase the number and timing of controls applied and select patterns of transactions that need further examination.</p> Signup and view all the answers

<p>To ensure that they are vigilant and take necessary precautions to minimize the risk associated with the customer's business activities.</p> Signup and view all the answers

<p>Fraud, money laundering etc.</p> Signup and view all the answers

<p>Relevant legislative measures have been made and stringent compliance requirements increased tremendously.</p> Signup and view all the answers

<p>To avoid being perceived as fragile and to manage risks associated with general banking.</p> Signup and view all the answers

<p>It can prove to be very challenging for banks.</p> Signup and view all the answers

<p>To attract quality management and service, protecting and building up their deposit base.</p> Signup and view all the answers

<p>fiduciary</p> Signup and view all the answers

<p>protecting customers' deposit and secrecy</p> Signup and view all the answers

<p>indispensable for economic development</p> Signup and view all the answers

<p>favor or indulgence</p> Signup and view all the answers

<p>financial intermediary</p> Signup and view all the answers

<p>The primary purpose of the General Banking Department is to provide direct customer service and manage deposits, cash, and other ancillary services.</p> Signup and view all the answers

<p>Due compliance with laws and procedures is crucial for bankers in general banking to ensure effective handling of banking operations.</p> Signup and view all the answers

<p>Adequate knowledge and skills to facilitate general banking effectively are essential for senior bankers to guide desk-level bank officials.</p> Signup and view all the answers

<p>Capacity development is important for bank officials to handle general banking challenges effectively and maximize profit for the bank.</p> Signup and view all the answers

<p>The ultimate goal of general banking is to maximize profit for the bank.</p> Signup and view all the answers

<p>The manual covers general banking activities, risk issues, capacity development aspects, and widely used general banking related issues.</p> Signup and view all the answers

<p>The primary focus of chapter 2 is the Banker-customer relationship, including general and special relationships.</p> Signup and view all the answers

<p>Chapter 5 discusses Clearing and Collection of Instruments, BACH, BACPS Cash, and vault managements, measures for safekeeping of cash.</p> Signup and view all the answers

<p>Chapter 3 discusses the opening and operation of different bank accounts and some other important issues of various types of account operation.</p> Signup and view all the answers

<p>The primary purpose of the manual is to provide knowledge requirements for relatively senior level bank executives of the NCC Bank Limited.</p> Signup and view all the answers

<p>The main objectives of the Contract Act, 1872 in the context of general banking are to regulate and govern the contractual relationships between banks and their customers, ensuring that the contracts are lawful, valid, and enforceable.</p> Signup and view all the answers

<p>The Bank Companies Act, 1991 is significant in the context of general banking as it regulates the banking companies, licensing, and supervision, ensuring that banks operate in a safe and sound manner, protecting the interests of depositors and maintaining financial stability.</p> Signup and view all the answers

<p>The Companies Act, 1994 is important in the context of general banking as it regulates the incorporation, management, and dissolution of companies, including banking companies, ensuring that they comply with the legal requirements and maintain transparency and accountability.</p> Signup and view all the answers

<p>The Partnership Act, 1932 is significant in the context of general banking as it regulates the partnerships and partnership firms, including those engaged in banking and financial activities, ensuring that they comply with the legal requirements and maintain transparency and accountability.</p> Signup and view all the answers

<p>The key provisions of the relevant laws and regulations related to general banking in Bangladesh include the Bank Companies Act, 1991, the Contract Act, 1872, the Companies Act, 1994, and the Partnership Act, 1932, which regulate and govern the banking industry, ensuring that banks operate in a safe and sound manner, protecting the interests of depositors and maintaining financial stability.</p> Signup and view all the answers

<p>Commercial banks collect capital from the general public and mobilize it to productive fields, activating the entire economic sector, thus contributing to its development.</p> Signup and view all the answers

<p>Banks provide security to deposits and pay interest on them, encouraging saving.</p> Signup and view all the answers

<p>The General Banking department is the vital part of a financial institution, linked with all other departments.</p> Signup and view all the answers

<p>Bank employees need to update their skills and knowledge to respond to the rapidly changing banking and finance world and to handle various customer queries.</p> Signup and view all the answers

<p>General banking holds the major part of overall banking activities, making it essential to focus on issues related to it.</p> Signup and view all the answers

<p>To make it more difficult to abuse the banking industry for money laundering or terrorist financing.</p> Signup and view all the answers

<p>The basis is on the type of customers, business relationship, type of banking products, and transactions carried out by the customer.</p> Signup and view all the answers

<p>To demonstrate to the supervisory authority that they have taken necessary steps to prevent money laundering and terrorist financing.</p> Signup and view all the answers

<p>To conduct additional measures when necessary, in addition to normal CDD measures.</p> Signup and view all the answers

<p>These laws make it an offence to commit money laundering and terrorist financing, and banks must take measures to prevent these activities.</p> Signup and view all the answers

<p>To ensure that banks have implemented adequate CDD measures to prevent money laundering and terrorist financing.</p> Signup and view all the answers

<p>They may be at risk of committing offences under MLPA, 2012 and ATA, 2009.</p> Signup and view all the answers

<p>To understand the level of risk associated with each customer and to implement appropriate measures to prevent money laundering and terrorist financing.</p> Signup and view all the answers

<p>To identify and prevent suspicious transactions that may be related to money laundering or terrorist financing.</p> Signup and view all the answers

<p>To understand the legitimacy of the customer's funds and to prevent money laundering and terrorist financing.</p> Signup and view all the answers

<p>Relevant legislative measures and stringent compliance requirements</p> Signup and view all the answers

<p>It plays a crucial role in regulating the banking sector and ensuring compliance with laws and regulations</p> Signup and view all the answers

<p>It provides a framework for companies to operate and ensures compliance with laws and regulations</p> Signup and view all the answers

<p>They provide guidelines for banks to comply with anti-money laundering and terrorist financing regulations</p> Signup and view all the answers

<p>It regulates the contracts and agreements between banks and their customers</p> Signup and view all the answers

<p>The Bank Companies Act, 1991 is significant in general banking as it provides the legal framework for banking operations in Bangladesh.</p> Signup and view all the answers

<p>Understanding the MLPA, 2012 and ATA, 2009 is important for banks to comply with the legal requirements for Customer Due Diligence (CDD) and to prevent money laundering and terrorist financing.</p> Signup and view all the answers

<p>The Contract Act, 1872 is significant in general banking as it provides the legal framework for contracts and agreements between banks and their customers.</p> Signup and view all the answers

<p>The key provisions of the relevant laws and regulations related to general banking in Bangladesh include the Bank Companies Act, 1991, MLPA, 2012, ATA, 2009, and the Contract Act, 1872.</p> Signup and view all the answers

<p>It is essential for banks to comply with the laws and regulations related to general banking to prevent fraud, money laundering, and terrorist financing, and to maintain credibility and trust with customers.</p> Signup and view all the answers

<p>The Companies Act, 1994 is significant in the context of general banking as it provides the legal framework for the incorporation and management of companies, which are major customers of banks.</p> Signup and view all the answers

<p>The key provisions include the Companies Act, 1994, the Partnership Act, 1932, the Contract Act, 1872, the Money Laundering Prevention Act, 2012, and other relevant laws and regulations.</p> Signup and view all the answers

<p>The primary purpose of chapter 10 is to provide an overview of the key laws and regulations related to general banking in Bangladesh.</p> Signup and view all the answers

<p>The Money Laundering Prevention Act, 2012 is significant in the context of general banking as it provides the legal framework for preventing money laundering and terrorist financing in Bangladesh.</p> Signup and view all the answers

<p>The role of chapter 11 is to provide an overview of the key issues related to fraud, forgeries, and malpractices in general banking and the measures that banks can take to prevent and mitigate these risks.</p> Signup and view all the answers

<p>The Contract Act, 1872, deals with the contractual obligations between banks and customers, while the Bank Companies Act, 1991, regulates the banking industry, including the establishment, management, and operation of banks.</p> Signup and view all the answers

<p>The MLPA, 2012, and ATA, 2009, emphasize the importance of CDD in preventing money laundering and terrorist financing, requiring banks to implement adequate CDD measures to manage these risks.</p> Signup and view all the answers

<p>The Companies Act, 1994, governs company formations and operations, while the Partnership Act, 1932, regulates partnerships, affecting the banking relationships with these entities.</p> Signup and view all the answers

<p>Laws and regulations, such as the Bank Companies Act, 1991, and the Financial Institutions Act, 1993, establish the regulatory framework for banks, enabling them to manage risks and maintain financial stability.</p> Signup and view all the answers

<p>The laws and regulations, such as the Penal Code, 1860, and the Bangladesh Money Laundering Prevention Act, 2009, criminalize fraudulent activities and provide a legal framework for preventing and prosecuting malpractices and frauds.</p> Signup and view all the answers

<p>To regulate and monitor the banking activities of commercial banks in Bangladesh.</p> Signup and view all the answers

<p>It provides a legal framework for the formation and operation of companies, including banks, and regulates their activities.</p> Signup and view all the answers

<p>It provides a legal framework for the formation and operation of partnership firms, including those with bank accounts.</p> Signup and view all the answers

<p>It provides a legal framework for the formation and enforcement of contracts, including those between banks and their customers.</p> Signup and view all the answers

<p>They provide a legal framework for anti-money laundering and combating the financing of terrorism, and require banks to implement CDD measures.</p> Signup and view all the answers

<p>The Companies Act, 1994 is significant in the context of general banking as it provides the framework for company incorporation, management, and regulation, which is crucial for banks to understand when dealing with corporate customers. This understanding is essential to ensure compliance with banking regulations and to mitigate risks associated with corporate banking.</p> Signup and view all the answers

<p>The Bank Companies Act, 1991 has significant implications on banking operations, as it regulates the formation, operation, and management of banks. Banks ensure compliance with its provisions by adhering to the licensing requirements, capital adequacy, and prudential regulations, as well as reporting requirements to the Bangladesh Bank.</p> Signup and view all the answers

<p>The Contract Act, 1872 is significant in the banker-customer relationship, as it provides the legal framework for contract formation and enforcement. Its provisions imply that banks must ensure that contracts with customers are valid, enforceable, and comply with the legal requirements, which is essential for maintaining trust and confidence in banking operations.</p> Signup and view all the answers

<p>The Partnership Act, 1932 is significant in the context of general banking, as it provides the legal framework for partnership formation and management, which is crucial for banks to understand when dealing with partnership firms. Its provisions imply that banks must ensure that partnership firms comply with the legal requirements, which is essential for maintaining trust and confidence in banking operations.</p> Signup and view all the answers

<p>The key provisions of the relevant laws and regulations related to general banking in Bangladesh include The Bank Companies Act, 1991, The Companies Act, 1994, The Contract Act, 1872, and The Partnership Act, 1932. These provisions regulate the banking sector, providing the framework for company incorporation, management, and regulation, as well as contract formation and enforcement, which is essential for maintaining trust and confidence in banking operations.</p> Signup and view all the answers

<p>To make it more difficult to abuse the banking industry for money laundering or terrorist financing.</p> Signup and view all the answers

<p>Type of customers, business relationship, type of banking products, and transaction carried out by the customer.</p> Signup and view all the answers

<p>Increased risk of committing offences under MLPA, 2012 including 'Predicate Offences' and the relevant offences under ATA, 2009.</p> Signup and view all the answers

<p>They are laws that prevent money laundering and terrorist financing, and banks must comply with them.</p> Signup and view all the answers

<p>When necessary, in addition to normal CDD measures.</p> Signup and view all the answers

<p>To understand who their customers are and to prevent money laundering and terrorist financing.</p> Signup and view all the answers

<p>Type of customers, business relationship, type of banking products, and transaction carried out by the customer.</p> Signup and view all the answers

<p>To assess the risk of money laundering and terrorist financing.</p> Signup and view all the answers

<p>To ensure that banks implement adequate CDD measures.</p> Signup and view all the answers

<p>To prevent money laundering and terrorist financing and to comply with laws and regulations.</p> Signup and view all the answers

<p>Non-compliance with procedures and legislative measures can lead to detrimental effects such as fraud, money laundering, and reputational damage to banks. It is crucial to address these challenges because banks are widely perceived to be more fragile than other non-financial organizations, and malpractices can have severe consequences.</p> Signup and view all the answers

<p>Legislative measures and compliance requirements contribute to the prevention of fraud and money laundering by increasing stringent compliance requirements and enhancing the ability of banks to manage risks and prevent fraudulent activities.</p> Signup and view all the answers

<p>The key aspects of the risk management framework for banks in Bangladesh include managing risks associated with general banking, such as fraud and money laundering. Laws and regulations, such as the Bank Companies Act, 1991, and the Money Laundering Prevention Act, 2012, play a crucial role in shaping this framework by providing guidelines and requirements for banks to manage risks effectively.</p> Signup and view all the answers

<p>These laws and regulations provide a legal framework for general banking operations, ensuring that banks operate fairly, efficiently, and securely, while also protecting customers' rights and interests.</p> Signup and view all the answers

<p>These laws and regulations require banks to implement robust CDD measures to prevent money laundering and terrorist financing, ensuring that banks operate with integrity and transparency.</p> Signup and view all the answers

<p>The Bank Companies Act, 1991, and the Money Laundering Prevention Act, 2012, are significant in the context of general banking in Bangladesh as they provide guidelines and requirements for banks to manage risks associated with general banking, including fraud and money laundering.</p> Signup and view all the answers

<p>Banks ensure compliance with laws and regulations related to general banking in Bangladesh by implementing adequate measures, such as risk-sensitive Customer Due Diligence (CDD) measures, and conducting regular monitoring of the business relationship. Non-compliance can lead to severe consequences, including reputational damage and financial losses.</p> Signup and view all the answers

<p>Supervisory authorities monitor and supervise banks to ensure that they comply with CDD obligations, providing guidance and enforcing penalties for non-compliance, thereby maintaining the integrity of the banking system.</p> Signup and view all the answers

<p>These laws and regulations govern the rights and obligations of banks and customers, providing a legal framework for contractually binding agreements, such as opening bank accounts.</p> Signup and view all the answers

<p>The Companies Act, 1994, regulates the incorporation, management, and operations of banks, ensuring that they operate in a transparent and accountable manner.</p> Signup and view all the answers

<p>The fiduciary relationship is based on trust and utmost good faith, and the bank's supreme responsibility is to protect customers' deposits and secrecy.</p> Signup and view all the answers

<p>Commercial banks play a crucial role in the development process, and their primary role is to act as a financial intermediary, facilitating economic development.</p> Signup and view all the answers

<p>The fundamental principle is that banks must be impartial and non-discriminatory in their dealings with customers, and failure to uphold this principle is considered a violation of the fiduciary relationship.</p> Signup and view all the answers

<p>The primary objective of chapter 11 is to discuss fraud, forgeries, and malpractices related to general banking, and it covers leadership and managerial skills in banking.</p> Signup and view all the answers

<p>Chapter 10 covers laws and regulations related to general banking, and it is significant because it provides banks with a comprehensive understanding of the legal framework that governs their operations.</p> Signup and view all the answers

<p>Non-compliance with The Bank Companies Act, 1991 may lead to legal and reputational risks, fines, and penalties, and may also result in loss of banking license.</p> Signup and view all the answers

<p>The Contract Act, 1872 and The Partnership Act, 1932 provide a legal framework for contracts, partnerships, and banking practices, influencing general banking practices in Bangladesh.</p> Signup and view all the answers

<p>The Companies Act, 1994 is significant in general banking as it regulates company formation, management, and operations, influencing banking practices and transactions.</p> Signup and view all the answers

<p>Non-compliance with CDD obligations may lead to fines, penalties, reputational risks, and legal consequences, and may also result in loss of banking license.</p> Signup and view all the answers

<p>The primary purpose of risk management in general banking is to identify, assess, and mitigate risks, ensuring the stability and sustainability of banking operations.</p> Signup and view all the answers

<p>The manual covers general banking activities of banks, including risk issues and capacity development aspects, especially connected with the skills of senior management.</p> Signup and view all the answers

<p>Chapter 3 discusses opening and operations of different bank accounts, and other important issues related to various types of account operations.</p> Signup and view all the answers

<p>The primary focus of banks in implementing CDD measures is to identify and mitigate the risks associated with customers and business relationships.</p> Signup and view all the answers

<p>Laws and regulations play a crucial role in shaping the risk management framework for banks in Bangladesh, as they provide guidelines and standards for risk management practices.</p> Signup and view all the answers

<p>When banks avoid procedures and compliance requirements in general banking, they are exposed to risks and consequences of non-compliance, including legal and reputational risks.</p> Signup and view all the answers

<p>Laws and regulations play a crucial role in shaping the risk management framework for banks in Bangladesh, as they provide guidelines and standards for banks to follow, ensuring the stability and security of the banking system. These laws and regulations impact banking operations by setting boundaries and requirements for banks to operate within, influencing the way banks manage risks, conduct business, and interact with customers.</p> Signup and view all the answers

<p>The primary objective of the Bank Companies Act, 1991, is to regulate and oversee the banking industry in Bangladesh, ensuring the stability and soundness of the financial system. This Act relates to banking operations by setting standards for bank management, governance, and risk management, and imposing regulatory requirements on banks to ensure compliance with these standards.</p> Signup and view all the answers

<p>To make it more difficult to abuse the banking industry for money laundering or terrorist financing.</p> Signup and view all the answers

<p>The Contract Act, 1872, governs the formation and performance of contracts between banks and their customers, providing a legal framework for the banker-customer relationship. This Act impacts the banker-customer relationship by establishing the terms and conditions of the contract, and governing the rights and obligations of both parties.</p> Signup and view all the answers

<p>To guard against the risk of committing offences under MLPA, 2012, including 'Predicate Offences' and the relevant offences under ATA, 2009.</p> Signup and view all the answers

<p>The Money Laundering Prevention Act, 2012, is a crucial law that aims to prevent money laundering and terrorist financing, by requiring banks to implement robust customer due diligence and reporting mechanisms. This Act relates to banking operations by imposing anti-money laundering and combating financing of terrorism (AML/CFT) requirements on banks, to prevent the misuse of the banking system for illicit activities.</p> Signup and view all the answers

<p>The Companies Act, 1994, governs the incorporation, management, and regulation of companies in Bangladesh, including banks. This Act influences banking operations by providing a framework for the formation and management of banks, and governing the rights and obligations of shareholders and directors.</p> Signup and view all the answers

<p>When necessary, in addition to normal CDD measures.</p> Signup and view all the answers

<p>To ensure banks implement adequate CDD measures considering the risks of money laundering and terrorist financing.</p> Signup and view all the answers

<p>Type of customers, business relationship with the customer, type of banking products, and transaction carried out by the customer.</p> Signup and view all the answers

<p>Banks may be used for money laundering or terrorist financing.</p> Signup and view all the answers

<p>To regulate the banking industry and prevent its misuse for illegal activities.</p> Signup and view all the answers

<p>It influences general banking practices and provides a framework for regulating companies.</p> Signup and view all the answers

<p>The MLPA, 2012, ATA, 2009, Bank Companies Act, 1991, and Companies Act, 1994, among others.</p> Signup and view all the answers

<p>They provide a framework for banks to mitigate the risks of money laundering and terrorist financing.</p> Signup and view all the answers

<p>To ensure the stability and security of the banking system, protect customers' interests, and prevent malpractices and frauds.</p> Signup and view all the answers

<p>They provide a framework for banks to operate, set standards for customer service, and guide risk management practices.</p> Signup and view all the answers

<p>It sets the guidelines for the establishment, operation, and management of banks, and ensures compliance with regulatory requirements.</p> Signup and view all the answers

<p>They monitor and supervise banks to ensure compliance with regulatory requirements, and take enforcement action when necessary.</p> Signup and view all the answers

<p>To avoid legal and reputational risks, maintain customer trust, and ensure the stability of the banking system.</p> Signup and view all the answers

<p>Legislative measures have been made to handle the challenges of malpractices and frauds in general banking, such as money laundering, and stringent compliance requirements have been increased.</p> Signup and view all the answers

<p>It is crucial for banks to focus on the risks of general banking because malpractices could be particularly detrimental for banks, and avoidance of procedures and compliance requirements could prove to be very challenging for banks.</p> Signup and view all the answers

<p>Laws and regulations play a crucial role in shaping the risk management framework for banks in Bangladesh by guiding their risk management practices and ensuring compliance.</p> Signup and view all the answers

<p>The consequence of non-compliance with procedures and legislative measures in general banking could prove to be very challenging for banks, and may lead to fraudulent activities and financial losses.</p> Signup and view all the answers

<p>It is essential for policy makers to focus on the risks of general banking because all associated risks of general banking must receive adequate attention of the policy makers of the bank.</p> Signup and view all the answers

<p>Chapter 10 of the manual covers Laws and Regulations Related to General Banking.</p> Signup and view all the answers

<p>The banker-customer relationship is a fiduciary one, based on trust, and the bank has to carry out its duties to the customer in utmost good faith and due diligence.</p> Signup and view all the answers

<p>Banks play a significant role in the economy as financial intermediaries, facilitating economic development through their operations.</p> Signup and view all the answers

<p>The supreme responsibility of a bank is to protect customers' deposits and maintain secrecy about customers' affairs.</p> Signup and view all the answers

<p>Banks must be impartial and non-discriminatory to avoid violating the fiduciary relationship with customers and to ensure fair treatment of all customers.</p> Signup and view all the answers

<p>The primary purpose of the manual is to provide knowledge to senior level bank executives of the NCC Bank Limited. The manual covers general banking activities, risk issues, and capacity development aspects, including banker-customer relationships, opening and operations of bank accounts, negotiable instruments, clearing and collection of instruments, and more.</p> Signup and view all the answers

<p>The manual covers general banking activities, including banker-customer relationships, opening and operations of bank accounts, negotiable instruments, clearing and collection of instruments, and more.</p> Signup and view all the answers

<p>Understanding laws and regulations related to general banking in Bangladesh is crucial for banks to ensure compliance with laws and regulations, and to manage risks effectively.</p> Signup and view all the answers

<p>Supervisory authorities play a crucial role in ensuring compliance with laws and regulations related to general banking in Bangladesh, by monitoring and enforcing banks' compliance with laws and regulations.</p> Signup and view all the answers

<p>The Bank Companies Act, 1991 is significant in the context of general banking, as it provides a framework for the regulation of banks and banking activities in Bangladesh.</p> Signup and view all the answers

<p>Laws and regulations are essential in general banking as they provide a framework for banks to operate, ensuring transparency, accountability, and protection of customers' interests. They shape the operations of commercial banks in Bangladesh by outlining guidelines for customer due diligence, risk management, and compliance requirements.</p> Signup and view all the answers

<p>The primary objective of laws and regulations is to ensure the stability and soundness of the banking system, protecting depositors' interests and preventing fraudulent activities. They impact the banking industry by setting standards for banking operations, risk management, and customer protection.</p> Signup and view all the answers

<p>Laws and regulations in Bangladesh contribute to the prevention of fraud and money laundering by outlining guidelines for customer due diligence, suspicious transaction reporting, and anti-money laundering measures. These regulations enable banks to identify and report suspicious activities, preventing fraud and money laundering.</p> Signup and view all the answers

<p>The Bank Companies Act, 1991, and the Companies Act, 1994, are crucial in the context of general banking in Bangladesh as they provide the legal framework for banking operations, corporate governance, and customer protection. These laws regulate banking activities, ensuring compliance and accountability.</p> Signup and view all the answers

<p>It is essential for banks to comply with laws and regulations to ensure transparency, accountability, and customer protection. Non-compliance can lead to reputational damage, financial penalties, and legal consequences, ultimately affecting the stability of the banking system.</p> Signup and view all the answers

<p>The main objective of the Contract Act, 1872 is to provide a framework for contracts and agreements between parties. In the context of banking operations in Bangladesh, this Act is relevant to the banker-customer relationship, as it outlines the contractual obligations and rights of both parties.</p> Signup and view all the answers

<p>The key provisions of the Bank Companies Act, 1991 include the regulation of banking companies, the appointment of directors, and the management of banking operations. These provisions impact banking operations in Bangladesh by ensuring that banks operate in a transparent and accountable manner, with a focus on protecting the interests of depositors and shareholders.</p> Signup and view all the answers

<p>The Companies Act, 1994 is significant in the context of general banking in Bangladesh because it provides a framework for the incorporation and management of companies, including banks. It outlines the rights and responsibilities of shareholders, directors, and other stakeholders, and ensures that companies operate in a transparent and accountable manner.</p> Signup and view all the answers

<p>The role of supervisory authorities is to ensure that banks comply with the laws and regulations related to general banking in Bangladesh. They monitor and regulate banking operations, conduct inspections and audits, and take enforcement actions against banks that fail to comply with the laws and regulations.</p> Signup and view all the answers

<p>The consequences of non-compliance with laws and regulations related to general banking in Bangladesh include fines, penalties, and legal action. Banks may also face reputational damage, loss of customer confidence, and regulatory sanctions. In extreme cases, non-compliance can lead to the revocation of a bank's license to operate.</p> Signup and view all the answers

<p>Knowing who their customers are and having the necessary documentary evidence to verify this.</p> Signup and view all the answers

<p>To make it more difficult to abuse the banking industry for money laundering or terrorist financing.</p> Signup and view all the answers

<p>Type of customers, business relationship with the customer, type of banking products, and transactions carried out by the customer.</p> Signup and view all the answers

<p>They are designed to make it more difficult to abuse the banking industry for money laundering or terrorist financing.</p> Signup and view all the answers

<p>To ensure that banks put in place and implement adequate CDD measures.</p> Signup and view all the answers

<p>Increased risk of committing offences under MLPA, 2012, including 'Predicate Offences' and relevant offences under ATA, 2009.</p> Signup and view all the answers

<p>When necessary, in addition to normal CDD measures.</p> Signup and view all the answers

<p>To understand who the customers are and guard against the risk of committing offences.</p> Signup and view all the answers

<p>To verify the customer's identity and prevent money laundering and terrorist financing.</p> Signup and view all the answers

<p>Implement adequate CDD measures based on the type of customers, business relationship with the customer, type of banking products, and transactions carried out by the customer.</p> Signup and view all the answers

<p>lessor</p> Signup and view all the answers

<p>lessor</p> Signup and view all the answers

<p>Principal</p> Signup and view all the answers

<p>agent, principal</p> Signup and view all the answers

<p>assignor</p> Signup and view all the answers

<p>assignment</p> Signup and view all the answers

<p>assignor, assignee</p> Signup and view all the answers

<p>assignee, assignor</p> Signup and view all the answers

<p>coming back</p> Signup and view all the answers

<p>complaints</p> Signup and view all the answers

<p>customer</p> Signup and view all the answers

<p>heart</p> Signup and view all the answers

<p>area</p> Signup and view all the answers

<p>call</p> Signup and view all the answers

<p>person</p> Signup and view all the answers

<p>profitability</p> Signup and view all the answers

<p>Youngster</p> Signup and view all the answers

<p>18</p> Signup and view all the answers

<p>BDT 100</p> Signup and view all the answers

<p>withdrawal</p> Signup and view all the answers

<p>18</p> Signup and view all the answers

<p>BDT 150</p> Signup and view all the answers

<p>BDT 50</p> Signup and view all the answers

<p>regular</p> Signup and view all the answers

<p>10</p> Signup and view all the answers

<p>mandatory</p> Signup and view all the answers

<p>savings</p> Signup and view all the answers

<p>Legal guardian</p> Signup and view all the answers

<p>18</p> Signup and view all the answers

<p>05</p> Signup and view all the answers

<p>benefits</p> Signup and view all the answers

<p>1,000,000.00</p> Signup and view all the answers

<p>Deposits</p> Signup and view all the answers

<p>interest</p> Signup and view all the answers

<p>contract</p> Signup and view all the answers

<p>Forms</p> Signup and view all the answers

<p>bank</p> Signup and view all the answers

<p>bank</p> Signup and view all the answers

<p>bank</p> Signup and view all the answers

<p>bank</p> Signup and view all the answers

<p>continuous</p> Signup and view all the answers

<p>laundering</p> Signup and view all the answers

<p>fraud</p> Signup and view all the answers

<p>malpractices</p> Signup and view all the answers

<p>banks</p> Signup and view all the answers

<p>bank</p> Signup and view all the answers

<p>general</p> Signup and view all the answers

<p>operation</p> Signup and view all the answers

<p>statute</p> Signup and view all the answers

<p>risk</p> Signup and view all the answers

<p>financially</p> Signup and view all the answers

<p>3</p> Signup and view all the answers

<p>guardian</p> Signup and view all the answers

<p>account</p> Signup and view all the answers

<p>identification</p> Signup and view all the answers

<p>18</p> Signup and view all the answers

<p>Wage</p> Signup and view all the answers

<p>cumulative</p> Signup and view all the answers

<p>School-attested</p> Signup and view all the answers

<p>integrity</p> Signup and view all the answers

<p>safety</p> Signup and view all the answers

<p>legal guardian</p> Signup and view all the answers

<p>document</p> Signup and view all the answers

<p>applicant</p> Signup and view all the answers

<p>liquidator</p> Signup and view all the answers

<p>adjusted</p> Signup and view all the answers

<p>appropriate</p> Signup and view all the answers

<p>set-off</p> Signup and view all the answers

<p>set-off</p> Signup and view all the answers

<p>debts</p> Signup and view all the answers

<p>books</p> Signup and view all the answers

<p>credit</p> Signup and view all the answers

<p>drawer, drawee</p> Signup and view all the answers

<p>cheque</p> Signup and view all the answers

<p>cheque</p> Signup and view all the answers

<p>material</p> Signup and view all the answers

<p>payee</p> Signup and view all the answers

<p>business</p> Signup and view all the answers

<p>payment</p> Signup and view all the answers

<p>drawee, acceptor</p> Signup and view all the answers