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Regulators

Banks cautioned over online scam by hackers  

The government has asked the management of state owned commercial banks (SoCBs) to be highly cautious and take necessary steps to avoid any online fraudulent activities by hackers, official sources said. The ministry of finance (MoF) alerted chief executives of SoCBs at a recent meeting while reviewing the safety measures of online transaction system of banks, they added. bbThe caution came following detection of forgery of US$0.25 million of Sonali Bank Ltd by hackers through hacking SWIFT (Society for Worldwide Interbank Financial Telecommunication) message. ...

Jump in machinery imports raises money laundering suspicion  

The imports of capital and other industrial machinery increased by 21 per cent in the first quarter of the current financial year compared with that in the same period of the FY2013-14 raising a suspicion of money laundering. According to the latest Bangladesh Bank data, the import of capital machinery and machinery for miscellaneous industries increased to $1.65 billion in July-September of the FY15 from $1.37 billion in the same period of the FY14. money_scamThe year-on-year growth in imports of industrial machinery was around 15 per ...

No Swiss response on info exchange of  money laundering  

Swiss Financial Intelligence Unit is yet to make any response to a proposal to sign a memorandum of understanding with Bangladesh Financial Intelligence Unit on exchanging information about money laundering despite repeated attempts taken by Bangladesh Bank. The BB sent a letter to the SFIU on June 24 this year, expressing interest to sign a memorandum of understanding to collect information about money deposited by Bangladeshi citizens with different Swiss banks. BB executive director and spokesperson M Mahfuzur Rahman told New Age on Sunday that the central bank had already given reminder three to four times to the SFIU for signing the MoU, but they were yet to respond in this connection.

BB to incoporate a provision in its CSR policy  

Bangladesh Bank would incorporate a provision in its corporate social responsibility policy now being prepared to prevent banks from diverting CSR funds to terrorist or militant financing. A directive in this regard was issued during the third meeting of the Anti-Militant Financing Task Force at the home ministry last month. bbThe central bank also explained at the meeting as to why money from loan default compensation funds, especially of the Islamic banks, could not be used for CSR purposes. The compensation funds are created from fines that banks collect when borr...

Banks largely robust to shocks      

Most of the banks have sufficient capital buffer to absorb adverse shocks and still maintain the sector's overall capital adequacy ratio (CAR) above the minimum requirement, the central bank's most recent stress tests found. The exercise, conducted by the Financial Stability Department on data from the April-June quarter of this year, looked at the impact of different stressed situations on banks' capital. The minimum capital requirement for scheduled banks is the greater of the two: 10 percent of risk-weighted assets or Tk 400 crore, reports the Daily Star. At the end of June, the sector's CAR stood at 10.68 percent, above the minimum regulatory requirement of 10 percent.

Black tiger shrimp exports suffer

Black tiger shrimp exports from Bangladesh are facing a slowdown in the wake of reduced demand in major markets. An increased supply of vannamei shrimp from other exporting countries and their reduced prices account for the slowdown, reports The Daily Star. MDG : Bangladesh Shrimp industryBuyers are more interested in low-priced vannamei than in expensive black tiger shrimps, said Khan Habibur Rahman, deputy managing director of Lockpur Group, a leading seafood exporter. Shrimp exports rose 3.59% year-on-year to $180.3 million between July a...
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