This document provides an overview of various legal topics related to banking and the legal environment in Bangladesh, including:
1. It discusses several laws governing financial instruments, such as the Negotiable Instruments Act 1881, which defines promissory notes, bills of exchange, cheques, and demand drafts. It also covers the Money Laundering Prevention Act and Anti-Terrorism Act.
2. It then covers various business related laws in Bangladesh, including the Contract Act 1872, Companies Act 1994, Transfer of Property Act 1882, and others.
3. It also provides details on key concepts around cheques, negotiable instruments, and money laundering prevention in the banking sector in Bangladesh according to local
The document discusses money laundering and proceeds of crime regulations in Zimbabwe, focusing on the duties and penalties for financial institutions and designated non-financial businesses under the Proceeds of Crime Act ("POCA"). It provides an overview of prohibited money laundering activities, the roles of relevant organizations like the Financial Intelligence Unit, and recommends actions for the Chartered Secretaries Zimbabwe to educate members and regulate the industry.
Anti money laundering and combating the financing of terrorism (AML/CFT) REGU...Bilal khan
UPTO DATE AND ACCORDING TO PAKISTAN'S STATE BANK REGULATIONS AND REQUIREMENTS FOR ANTI MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM WITH INTERNATIONAL STANDARDS
The document discusses regulations from the State Bank of Pakistan regarding know your customer (KYC) procedures and anti-money laundering efforts for commercial banks. It defines money laundering and outlines its harmful effects. It also describes the international standards and classifications for assessing money laundering risks across countries. Further, it explains the three stages of money laundering (placement, layering, integration) and lists documents required for opening and monitoring various types of bank accounts to comply with KYC and anti-money laundering regulations.
Presentation given for Crowe Horwath Auditor's training session on 26/03/2016.
AML regulations are applicable to professional service providers also. See the presentation for more information
Money laundering involves disguising illegally obtained money to make it appear legitimate. It typically involves three stages: placement, layering, and integration. Placement involves injecting dirty money into the financial system. Layering involves moving funds through transactions to obscure the audit trail. Integration makes the money appear legitimate through reentry into the economy. Money laundering undermines legitimate businesses, increases organized crime and corruption, and threatens the stability of financial institutions. It can also dampen foreign investment.
Money laundering is the process of making illegally obtained money appear legal. This document discusses how criminals first place illegal funds into the financial system through various techniques like structuring deposits to avoid reporting requirements, using alternative remittance systems, or purchasing assets or insurance policies. It then explains how launderers further layer the funds by moving them through many transactions to obscure their source and make the money harder to trace back to criminal activity. Kenya's new anti-money laundering law aims to regulate these processes but questions remain over successful implementation.
Negotiable Instruments Act 1881
Significance of negotiable instruments
Features of negotiable instruments
Cheque Meaning
Types of Cheque
MICR – Meaning
Crossing
Crossing of Cheque
Holder in due course
Payment in due course
Endorsement
Paying Banker
Dishonour of Cheque
Statutory protection to a paying Banker
Material Alteration
Statutory protection in case of a Materially altered Cheque
Collecting Banker
Duties and Liabilities of Collecting Banker
Protection of Collection Banker
Anti-Money Laundering and Counter Financing of TerrorismPuni Hariaratnam
Money laundering involves disguising illegally obtained money to make it appear legitimate. It became a major issue in the 1920s and laws were passed in the 1980s to address it. Malaysia passed its Anti-Money Laundering and Anti-Terrorism Financing Act in 2001, placing reporting obligations on banks and requiring customer due diligence, record keeping, and compliance programs. Failure to comply can result in significant penalties from regulators and damage to a bank's reputation. However, many banks still fail to provide adequate anti-money laundering training to their staff.
The document discusses money laundering and proceeds of crime regulations in Zimbabwe, focusing on the duties and penalties for financial institutions and designated non-financial businesses under the Proceeds of Crime Act ("POCA"). It provides an overview of prohibited money laundering activities, the roles of relevant organizations like the Financial Intelligence Unit, and recommends actions for the Chartered Secretaries Zimbabwe to educate members and regulate the industry.
Anti money laundering and combating the financing of terrorism (AML/CFT) REGU...Bilal khan
UPTO DATE AND ACCORDING TO PAKISTAN'S STATE BANK REGULATIONS AND REQUIREMENTS FOR ANTI MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM WITH INTERNATIONAL STANDARDS
The document discusses regulations from the State Bank of Pakistan regarding know your customer (KYC) procedures and anti-money laundering efforts for commercial banks. It defines money laundering and outlines its harmful effects. It also describes the international standards and classifications for assessing money laundering risks across countries. Further, it explains the three stages of money laundering (placement, layering, integration) and lists documents required for opening and monitoring various types of bank accounts to comply with KYC and anti-money laundering regulations.
Presentation given for Crowe Horwath Auditor's training session on 26/03/2016.
AML regulations are applicable to professional service providers also. See the presentation for more information
Money laundering involves disguising illegally obtained money to make it appear legitimate. It typically involves three stages: placement, layering, and integration. Placement involves injecting dirty money into the financial system. Layering involves moving funds through transactions to obscure the audit trail. Integration makes the money appear legitimate through reentry into the economy. Money laundering undermines legitimate businesses, increases organized crime and corruption, and threatens the stability of financial institutions. It can also dampen foreign investment.
Money laundering is the process of making illegally obtained money appear legal. This document discusses how criminals first place illegal funds into the financial system through various techniques like structuring deposits to avoid reporting requirements, using alternative remittance systems, or purchasing assets or insurance policies. It then explains how launderers further layer the funds by moving them through many transactions to obscure their source and make the money harder to trace back to criminal activity. Kenya's new anti-money laundering law aims to regulate these processes but questions remain over successful implementation.
Negotiable Instruments Act 1881
Significance of negotiable instruments
Features of negotiable instruments
Cheque Meaning
Types of Cheque
MICR – Meaning
Crossing
Crossing of Cheque
Holder in due course
Payment in due course
Endorsement
Paying Banker
Dishonour of Cheque
Statutory protection to a paying Banker
Material Alteration
Statutory protection in case of a Materially altered Cheque
Collecting Banker
Duties and Liabilities of Collecting Banker
Protection of Collection Banker
Anti-Money Laundering and Counter Financing of TerrorismPuni Hariaratnam
Money laundering involves disguising illegally obtained money to make it appear legitimate. It became a major issue in the 1920s and laws were passed in the 1980s to address it. Malaysia passed its Anti-Money Laundering and Anti-Terrorism Financing Act in 2001, placing reporting obligations on banks and requiring customer due diligence, record keeping, and compliance programs. Failure to comply can result in significant penalties from regulators and damage to a bank's reputation. However, many banks still fail to provide adequate anti-money laundering training to their staff.
The document defines money laundering and describes the process. It involves disguising illegally obtained money to make it appear legitimate. There are three stages: placement, layering, and integration. Money laundering has significant negative effects, including increased organized crime, corruption, and economic distortions. It undermines legitimate businesses and financial stability. The document then outlines the various financial institutions and businesses that may be involved in money laundering, such as banks, money services businesses, casinos, and professional gatekeepers like lawyers and accountants.
The document discusses money laundering, which it defines as making illegally obtained money appear to come from legal sources. It describes the three main steps of money laundering as placement, layering, and integration. It then outlines various common methods used to launder money, such as smurfing, cash smuggling, using cash businesses, and real estate. The document also discusses anti-money laundering regulations and India's Prevention of Money Laundering Act of 2002. It provides statistics on the estimated amounts of black money in and flowing out of India.
This document discusses negotiable instruments and the effect of dishonored cheques. It defines negotiable instruments as promissory notes, bills of exchange, or cheques payable to order or bearer according to law. Promissory notes are unconditional promises to pay a sum, bills of exchange are unconditional orders to pay a sum, and cheques are bills of exchange drawn on a bank payable on demand. Examples of negotiable instruments include government notes, debentures, and drafts. If a cheque is dishonored, the drawer can be criminally prosecuted if the cheque was drawn to discharge a debt and was returned unpaid due to insufficient funds, and certain notice procedures are followed.
Useful article on Negotiable instrument act 138 Arjun Randhir
very useful compilation on negotiable instrument act case 138. not for commercial purpose only for educational purpose.. help to lawyer, judge, or legal student
The document outlines guidelines for anti-money laundering programs for insurers in India. It defines money laundering and its three stages: placement, layering, and integration. It discusses Know Your Customer (KYC) policies, including documentation requirements. It also covers risk profiling customers, suspicious transactions, reporting requirements, and penalties for money laundering. The overall summary is that the document provides an overview of India's regulations for insurers to establish anti-money laundering programs and procedures to combat financial crimes.
Money laundering is the process of making illegally obtained money appear legal. It occurs in three steps: placement, layering, and integration. The Prevention of Money Laundering Act (PMLA) was implemented in India to prevent money laundering and confiscate illegally obtained funds. Under PMLA, banks and financial institutions must maintain records of all transactions and report any suspicious activity. Common red flags include false identification documents, inconsistent transaction history or amounts, and links to known criminals.
The document discusses negotiable instruments under the Negotiable Instruments Act of 1881. It defines negotiable instruments as those that can be transferred between parties, such as checks, drafts, bills of exchange, and some promissory notes. The key requirements for an instrument to be negotiable are that it must be in writing, signed, an unconditional promise to pay a fixed sum, freely transferable, and payable on demand or at a definite time. The main types of negotiable instruments are promissory notes, bills of exchange, and checks. Dishonor or bouncing of a check is a criminal offense, with punishments including fines and imprisonment.
The document discusses key aspects of know your customer (KYC) policies and procedures according to the Prevention of Money Laundering Act, 2002 in India. It outlines that the Financial Action Task Force sets international standards for combating money laundering and terrorist financing. The Prevention of Money Laundering Act requires reporting entities to verify customer identity, monitor transactions, and maintain records. Reporting entities must implement risk-based KYC programs and conduct ongoing customer due diligence to comply with KYC regulations.
The document discusses key concepts related to negotiable instruments under Indian law, including definitions of holder, holder in due course, and payment in due course. It also covers the different types of cheque crossing - general crossing, special crossing, restrictive crossing, and non-negotiable crossing. Students are assigned questions to differentiate between a holder and holder in due course, and between payment and payment in due course. They are instructed to email their responses with identifying details.
Write a-comprehensive-note-on-negotiable-instrument 2Ziyad Zaidi
A negotiable instrument is a signed document that promises a sum of payment to a specified person or the assignee. In other words, it is a formalized type of IOU: A transferable, signed document that promises to pay the bearer a sum of money at a future date or on-demand
This document provides an overview of anti-money laundering practices and suspicious transactions. It discusses the key stages of money laundering: placement, layering, and integration. It also outlines the elements of an effective AML program, including board approval, training, internal controls, and independent audits. Several typologies of money laundering are described, such as the use of shell companies and cash couriers. Guidelines for identifying and reporting suspicious transactions and clients are provided. Specific scenarios involving suspicious activities like structuring are reviewed.
This document provides an overview of banking regulations and negotiable instruments in India. It discusses the Banking Regulation Act of 1949, which regulates banking firms in India. It also discusses the Reserve Bank of India Act of 1934, which established the central bank and provides a framework for banking supervision. The document then covers negotiable instruments like promissory notes, bills of exchange, and cheques under the Negotiable Instruments Act of 1881. Finally, it discusses the different types of cheque crossing, including general, special/restrictive, and double crossing.
Prevention of Money Laundering Act 2002ramandeepjrf
The document summarizes key aspects of the Prevention of Money Laundering Act (PMLA) 2002 in India. It defines key terms like money laundering, proceeds of crime, and scheduled offences. It outlines the 3 stages of money laundering: placement, layering, and integration. It describes the obligations of banking companies, financial institutions, and intermediaries to report transactions and verify identities. It discusses the attachments, adjudications, and confiscation process as well as the roles of the Adjudicating Authority, Appellate Tribunal, and Special Courts in enforcing the law. Punishments are outlined for money laundering and for providing false information.
The document discusses money laundering prevention. It outlines the objectives of increasing awareness of anti-money laundering responsibilities and regulations. Non-compliance can result in penalties like imprisonment, fines, license revocation and more. Key aspects of money laundering prevention covered include know-your-customer procedures, suspicious transaction reporting, and the importance of monitoring transactions for consistency with customer profiles.
The document discusses anti-money laundering regulations and compliance obligations for financial institutions in India. It covers key topics like the legal framework for AML consisting of the Prevention of Money Laundering Act 2002 and various rules. It describes money laundering processes and the obligations of reporting entities under the act including customer due diligence, record keeping, reporting cash and suspicious transactions to regulators. Global penalties for AML violations in 2021 include a $700 million fine for AmBank in Malaysia and $390 million for Capital One in the US. In India, the number of financial institutions penalized for AML/KYC violations nearly doubled in 2021-22 compared to the previous year.
The document provides an overview of dishonored cheques in India, including:
- Key parties in a cheque transaction and legal definitions. Dishonor can occur due to insufficient funds or exceeding arranged limits.
- Remedies for dishonor under civil law through lawsuits and criminal law by proving fraudulent intent, but these have limitations.
- The Negotiable Instruments Act of 1881 created a new offense for dishonor with a stricter liability standard to address weaknesses in prior remedies. Specific criteria like notice and non-payment timelines must be met for this offense.
The document discusses key concepts in banking law and practices related to negotiable instruments. It covers three main topics:
1. Negotiable instruments are financial documents like promissory notes, bills of exchange, and cheques that are governed by the Negotiable Instruments Act. They facilitate commerce through features like transferability and standardized rules.
2. Cheques are a type of negotiable instrument that allow customers to pay others through their bank account. The document defines cheques and covers related concepts like crossing, dishonor, and errors/rectification.
3. The duties and liabilities of paying bankers are explained. As the entity responsible for honoring customer payments, paying bankers must follow rules regarding signatures
The document defines money laundering and describes the process. It involves disguising illegally obtained money to make it appear legitimate. There are three stages: placement, layering, and integration. Money laundering has significant negative effects, including increased organized crime, corruption, and economic distortions. It undermines legitimate businesses and financial stability. The document then outlines the various financial institutions and businesses that may be involved in money laundering, such as banks, money services businesses, casinos, and professional gatekeepers like lawyers and accountants.
The document discusses money laundering, which it defines as making illegally obtained money appear to come from legal sources. It describes the three main steps of money laundering as placement, layering, and integration. It then outlines various common methods used to launder money, such as smurfing, cash smuggling, using cash businesses, and real estate. The document also discusses anti-money laundering regulations and India's Prevention of Money Laundering Act of 2002. It provides statistics on the estimated amounts of black money in and flowing out of India.
This document discusses negotiable instruments and the effect of dishonored cheques. It defines negotiable instruments as promissory notes, bills of exchange, or cheques payable to order or bearer according to law. Promissory notes are unconditional promises to pay a sum, bills of exchange are unconditional orders to pay a sum, and cheques are bills of exchange drawn on a bank payable on demand. Examples of negotiable instruments include government notes, debentures, and drafts. If a cheque is dishonored, the drawer can be criminally prosecuted if the cheque was drawn to discharge a debt and was returned unpaid due to insufficient funds, and certain notice procedures are followed.
Useful article on Negotiable instrument act 138 Arjun Randhir
very useful compilation on negotiable instrument act case 138. not for commercial purpose only for educational purpose.. help to lawyer, judge, or legal student
The document outlines guidelines for anti-money laundering programs for insurers in India. It defines money laundering and its three stages: placement, layering, and integration. It discusses Know Your Customer (KYC) policies, including documentation requirements. It also covers risk profiling customers, suspicious transactions, reporting requirements, and penalties for money laundering. The overall summary is that the document provides an overview of India's regulations for insurers to establish anti-money laundering programs and procedures to combat financial crimes.
Money laundering is the process of making illegally obtained money appear legal. It occurs in three steps: placement, layering, and integration. The Prevention of Money Laundering Act (PMLA) was implemented in India to prevent money laundering and confiscate illegally obtained funds. Under PMLA, banks and financial institutions must maintain records of all transactions and report any suspicious activity. Common red flags include false identification documents, inconsistent transaction history or amounts, and links to known criminals.
The document discusses negotiable instruments under the Negotiable Instruments Act of 1881. It defines negotiable instruments as those that can be transferred between parties, such as checks, drafts, bills of exchange, and some promissory notes. The key requirements for an instrument to be negotiable are that it must be in writing, signed, an unconditional promise to pay a fixed sum, freely transferable, and payable on demand or at a definite time. The main types of negotiable instruments are promissory notes, bills of exchange, and checks. Dishonor or bouncing of a check is a criminal offense, with punishments including fines and imprisonment.
The document discusses key aspects of know your customer (KYC) policies and procedures according to the Prevention of Money Laundering Act, 2002 in India. It outlines that the Financial Action Task Force sets international standards for combating money laundering and terrorist financing. The Prevention of Money Laundering Act requires reporting entities to verify customer identity, monitor transactions, and maintain records. Reporting entities must implement risk-based KYC programs and conduct ongoing customer due diligence to comply with KYC regulations.
The document discusses key concepts related to negotiable instruments under Indian law, including definitions of holder, holder in due course, and payment in due course. It also covers the different types of cheque crossing - general crossing, special crossing, restrictive crossing, and non-negotiable crossing. Students are assigned questions to differentiate between a holder and holder in due course, and between payment and payment in due course. They are instructed to email their responses with identifying details.
Write a-comprehensive-note-on-negotiable-instrument 2Ziyad Zaidi
A negotiable instrument is a signed document that promises a sum of payment to a specified person or the assignee. In other words, it is a formalized type of IOU: A transferable, signed document that promises to pay the bearer a sum of money at a future date or on-demand
This document provides an overview of anti-money laundering practices and suspicious transactions. It discusses the key stages of money laundering: placement, layering, and integration. It also outlines the elements of an effective AML program, including board approval, training, internal controls, and independent audits. Several typologies of money laundering are described, such as the use of shell companies and cash couriers. Guidelines for identifying and reporting suspicious transactions and clients are provided. Specific scenarios involving suspicious activities like structuring are reviewed.
This document provides an overview of banking regulations and negotiable instruments in India. It discusses the Banking Regulation Act of 1949, which regulates banking firms in India. It also discusses the Reserve Bank of India Act of 1934, which established the central bank and provides a framework for banking supervision. The document then covers negotiable instruments like promissory notes, bills of exchange, and cheques under the Negotiable Instruments Act of 1881. Finally, it discusses the different types of cheque crossing, including general, special/restrictive, and double crossing.
Prevention of Money Laundering Act 2002ramandeepjrf
The document summarizes key aspects of the Prevention of Money Laundering Act (PMLA) 2002 in India. It defines key terms like money laundering, proceeds of crime, and scheduled offences. It outlines the 3 stages of money laundering: placement, layering, and integration. It describes the obligations of banking companies, financial institutions, and intermediaries to report transactions and verify identities. It discusses the attachments, adjudications, and confiscation process as well as the roles of the Adjudicating Authority, Appellate Tribunal, and Special Courts in enforcing the law. Punishments are outlined for money laundering and for providing false information.
The document discusses money laundering prevention. It outlines the objectives of increasing awareness of anti-money laundering responsibilities and regulations. Non-compliance can result in penalties like imprisonment, fines, license revocation and more. Key aspects of money laundering prevention covered include know-your-customer procedures, suspicious transaction reporting, and the importance of monitoring transactions for consistency with customer profiles.
The document discusses anti-money laundering regulations and compliance obligations for financial institutions in India. It covers key topics like the legal framework for AML consisting of the Prevention of Money Laundering Act 2002 and various rules. It describes money laundering processes and the obligations of reporting entities under the act including customer due diligence, record keeping, reporting cash and suspicious transactions to regulators. Global penalties for AML violations in 2021 include a $700 million fine for AmBank in Malaysia and $390 million for Capital One in the US. In India, the number of financial institutions penalized for AML/KYC violations nearly doubled in 2021-22 compared to the previous year.
The document provides an overview of dishonored cheques in India, including:
- Key parties in a cheque transaction and legal definitions. Dishonor can occur due to insufficient funds or exceeding arranged limits.
- Remedies for dishonor under civil law through lawsuits and criminal law by proving fraudulent intent, but these have limitations.
- The Negotiable Instruments Act of 1881 created a new offense for dishonor with a stricter liability standard to address weaknesses in prior remedies. Specific criteria like notice and non-payment timelines must be met for this offense.
The document discusses key concepts in banking law and practices related to negotiable instruments. It covers three main topics:
1. Negotiable instruments are financial documents like promissory notes, bills of exchange, and cheques that are governed by the Negotiable Instruments Act. They facilitate commerce through features like transferability and standardized rules.
2. Cheques are a type of negotiable instrument that allow customers to pay others through their bank account. The document defines cheques and covers related concepts like crossing, dishonor, and errors/rectification.
3. The duties and liabilities of paying bankers are explained. As the entity responsible for honoring customer payments, paying bankers must follow rules regarding signatures
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
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Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
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2. 2nd Session (10.45 AM – 12.00 PM)
Financial Instrument Related Laws
Business Related Laws
2
3. Contents of Financial Instrument Related Laws
Negotiable Instrument Act 1881
Money Laundering Prevention Act - & Anti
Terrorism Act
3
4. Negotiable Instrument Act 1881
Negotiable Instrument Act 1881, which is mostly known as the
N I Act-1881. The basic purpose was to legalize the system of
negotiable instruments. The Act was enforced during British
rule and to date. The process of transfers from one person to
another in dealings of monetary value in terms of legal
documents is the negotiable instrument. The legal definition of
negotiable is that something can be transferable from one party
to another party by delivery so that the title shall pass with or
without the endorsement to the transferee. Furthermore it plays
an important role in financial transactions.
4
5. Negotiable Instrument Act 1881
Originally published: December 9, 1881
Citation: Act No. 26 of 1881
Enacted: 9 December 1881
Commenced: 1 March 1882
Total sections: 141 and Chapters: 17
http://bdlaws.minlaw.gov.bd/act-details-46.html
5
6. Negotiable Instrument
The bill Negotiable Instruments Act, 1881 defines
Promissory note
Bill of exchange, and
Cheque
Demand Draft
As negotiable Instrument.
6
7. Promissory note
A “promissory note” is an instrument in writing (not
being a bank-note or a currency-note) containing an
unconditional undertaking, signed by the maker, to
pay on demand or at a fixed or determinable future
time a certain sum of money only to, or to the order of,
a certain person, or to the bearer of the instrument.
7
8. Bill of exchange
A “bill of exchange” is an instrument in writing
containing an unconditional order, signed by the
maker, directing a certain person to pay on demand or
at fixed or determinable future time a certain sum of
money only to, or to the order of, a certain person or to
the bearer of the instrument.
8
9. Cheque
A “cheque” is a bill of exchange drawn on a specified
banker and not expressed to be payable otherwise than
on demand.
9
10. Demand Draft
A demand draft is a method used by an individual to
make a transfer payment from one bank account to
another. Demand drafts differ from regular normal
checks in that they do not require signatures to be cashed.
10
11. Cheque
What are the types of cheques?
Bearer Cheque
Order Cheque
Crossed Cheque
Open cheque
Post-Dated Cheque
Stale Cheque
Traveler's Cheque
Self Cheque
Banker‟s Cheque
11
12. Cheque
Parties of cheques?
Drawer
Drawee
Payee
The drawer is the person or organization that issues the
cheque, the drawee is the financial institution, and the
payee is the person or organization that receives the
cheque.
12
13. Cheque Dishonor
A cheque falls under the dishonored category when a payee
cannot successfully deposit the payer's cheque. A payer is
the one who issues a cheque to the payee. The payee
deposits this cheque in the bank. If the bank refuses to pay
the amount mentioned on the cheque, the cheque is
dishonored.
Section 138 of the NI Act makes it clear that whenever a
cheque is bounced then prima facie an illegal offence is
created which entails punishment of criminal nature which
may include 1 year imprisonment or fine which may extend
to three times the value of the dishonored cheque or both.
13
14. Duties and Responsibilities of collecting bank
The collecting banker is the one who undertakes the collection of the
drafts, bills, pay orders, transfer cheques, etc on behalf of the customer.
The collecting banker gets protection under the Negotiable Instrument
Act section 131.
Duties & Responsibilities:
Acting as agent
Scrutinizing the instruments
Checking the endorsement
Presenting the instrument in due time
Collecting the proceeds in the payee‟s account
Notice of dishonor and returning the instruments
14
15. Duties and Responsibilities of paying bank
Paying bank is the bank on which a cheque is drawn and which
pays the amount for which the cheque is written and deducts that
sum from the customer‟s account. The paying banker should use
due care and diligence in paying a cheque so as to refrain from
any action potential enough to damage his customer‟s credit.
Duties & Responsibilities:
Checking the signature of the drawer
Holder‟s title on the cheque is valid
Verification of the genuineness of the instrument
A/c is not dormant one
A/c holder is not bankrupt or deceased
No „Garnishee Order‟ is issued by court
15
16. Holder in Due Course
Section 9 of NI Act 1881 states that in order to be a
holder in due course, a person must satisfy the
following conditions:
He must be the holder of the instrument
He should have obtained the negotiable instrument for value
He should have obtained the instrument before maturity
The instrument should be complete and regular on the face of it
The holder should take the instrument in good faith
16
17. Payment in Due Course
Section 10 of NI Act 1881 states that Payment in due course
means payment in accordance with the apparent tenor of the
instrument, in good faith and without negligence and under
circumstances which do not afford a ground for believing that
the person to whom it is made is not entitled to receive the
amount.
17
18. In Good Faith
In human interactions, good faith (Latin: bona fides) is a
sincere intention to be fair, open, and honest, regardless
of the outcome of the interaction.
18
19. Money Laundering Prevention Act - & Anti Terrorism Act
Money laundering involves taking criminal proceeds and
disguising their illegal sources in order to use the funds to
perform legal or illegal activities. Money laundering is the
process of making dirty money look clean.
Bangladesh Bank issued a circular to combat Money
Laundering in Bangladesh which is BFIU Circular No-26,
Dated: 16th June, 2020
19
20. Money Laundering Prevention Act - & Anti Terrorism Act
Palermo Convention defines Money Laundering as
The conversion or transfer of property, knowing it is derived
from a criminal offense, for the purpose of concealing or
disguising its illicit origin or of assisting any person who is
involved in the commission of the crime to evade the legal
consequences of his or her actions.
20
21. Money Laundering Prevention Act - & Anti Terrorism Act
There are three stages of money laundering:
Placement: The physical disposal of cash or other assets
derived from criminal activity.
Layering: This second stage involves converting the
proceeds of the crime into another form and creating
complex layers of financial transactions to obfuscate the
source and ownership of funds.
Integration: This stage entails using laundered proceeds in
seemingly normal transactions to create the perception of
legitimacy.
21
22. Money Laundering Prevention Act - & Anti Terrorism Act
Four major risk of Money Laundering
Reputational Risk
Operational Risk
Legal Risk
Concentration Risk
22
23. Money Laundering Prevention Act - & Anti Terrorism Act
Credit backed money laundering:
Credit backed method of money laundering involves
cleaning of money obtained from criminal activities such
as insider trading, extortion, illegal gambling, and drug
trafficking to appear to have been derived from legal
activities in order for financial institutions to deal with it
without any suspicion.
23
24. Trade Based Money Laundering
Trade Based Money Laundering:
“The term trade-based money laundering and terrorist.
financing (TBML/FT) refers to the process of disguising
the proceeds of crime and moving. value through the
use of trade transactions in an attempt to legitimize
their illegal origins or. finance their activities”.
24
25. BAMLCO
BAMLCO means Branch Anti-Money Laundering
Compliance Officer.
The BAMLCO must be competent and knowledgeable
regarding the anti money laundering legal framework.
Generally Branch Manager, Deputy Manager or experienced
General Banking senior official nominated as BAMLCO.
25
26. BAMLCO
The responsibilities of a BAMLCO are as follows:
Have a direct reporting line to Head of CCU committee.
Manage the transaction monitoring process and report any
suspicious activity to Branch Manager, and if necessary to the
CAMLCO
Are responsible for the implementation of the applicable Policies
on AML & KYC.
Provide training to Branch staff.
Ensure that guidelines and procedures are in line with Anti Money
Laundering laws / regulations and the applicable regulations of
Bangladesh Bank.
26
27. BAMLCO
Are the primary point of contact with regulators and law
enforcement authorities
Communicate to all staff in case of any changes in national or its
own policy.
Track and follow up on the conditions that have been imposed as part
of the KYC approval
Develop and maintain procedures and systems to ensure that unusual
and suspicious transactions are reported to CAMLCO.
Develop and carry out adequate controls to ensure that all applicable
legal and regulatory AML requirements are being adhered to.
Sign-off in the New Product Approval and Smart sourcing process
where appropriate.
Submit branch returns to CAMLCO timely.
27
28. KYC
Why is KYC required?
The objective of KYC guidelines is to prevent banks
from being used, by criminal elements for money
laundering activities. It also enables banks to understand
its customers and their financial dealings to serve them
better and manage its risks prudently.
28
29. CDD
In the world of Financial Crime Compliance (FCC),
Customer Due Diligence (CDD) is an important and
complex field. Customer due diligence is the processes
used by financial institutions to collect and evaluate
relevant information about a customer or potential
customer.
29
30. CDD
What are the types of CDD?
There are three levels of customer due diligence:
Standard
Simplified
Enhanced
30
31. Contents of Business Related Laws
Contract Act 1872
Company Act 1994
Transfer of Property Act 1882
Limitation Act 1908
Stamp Act 1899
Sale of Goods Act 1930
Bankruptcy Act 1997
Partnership Act 1932
Registration Act 1908
Securities & Exchange Commission Act 1993
Merchant Banking & Port
Folio Managers Rules 2001
Customs Act-1969
Shariah Rules regarding
different types of Contract:
Shariah Rules for Al-
Mudarabah and Al-Musharaqua
Companies.
31
32. Contract Act - 1872
The Contract Act, 1872 is the chief contract law in
Bangladesh. Based on English contract law and the
British Indian contract law, it was enacted in the 19th
century and re-enacted by the Parliament of Bangladesh
after the country's independence.
Enacted: 25 April 1872
Commenced: 1 September 1872
Sections are 238, divided into 11 Chapters
32
34. Bank Guarantee
Bank Guarantee is an undertaking given by a Bank to
perform the promise or discharge the liability of its
customer in case of his default. The guarantee must be for
a certain fixed amount and the period of its validity must
be limited and fixed.
34
35. Indemnity
Indemnity is a comprehensive form of insurance
compensation for damages or loss. When the term
indemnity is used in the legal sense, it may also refer to an
exemption from liability for damages. Indemnity is a
contractual agreement between two parties.
35
36. Companies Act 1994
The Companies Act, 1994 defines the word company as
“a company formed and registered under this Act or an
existing company”. Therefore, a company is formed under
the Companies Act, 1994 by a group of people who come
together for achieving a common objective.
Enacted: 1 December 1994
Commenced: 10 November 1994
Sections are 404, divided into 11 Chapters
36
37. Transfer of Property Act 1882
The Act, 'transfer of property' means an act by which a person
conveys the property to one or more persons, or himself and one
or more other persons. The act of transfer may be done in the
present or for the future. The person may include an individual,
company or association or body of individuals, and any kind of
property may be transferred, including the transfer of immovable
property.
Enacted: 17 February 1882
Commenced: 1 July 1882
Section are 137, Divided into 8 Chapters
37
38. Transfer of Property Act 1882
Kinds of transfer under the Transfer of Property Act, 1882:
Sale of immovable property
Mortgage of immovable property
Leases of immovable property
Exchange of immovable property
Gift of immovable property
38
39. Stamp Act 1899
The Stamp Act, 1899 was enacted by British Indian
government for charging of stamp duty on instruments for
recording of transaction and consolidate and amend the laws
relating to stamps. IBBL has also separate circular on Stamp
usages.
Enacted: 1 July 1899
Section are 78, Divided into 8 Chapters
39
40. Sale of Goods Act 1930
Sale and agreement to sell
A contract of sale of goods is a contract whereby the
seller transfers or agrees to transfer the property in
goods to the buyer for a price. There may be a
contract of sale between one part-owner and
another.
A contract of sale may be absolute or conditional.
40
41. Bankruptcy Act 1997
In Bangladesh, bankruptcy is governed by the Bankruptcy
Act, 1997. An individual can be declared 'bankrupt'
through an order of adjudication by the bankruptcy court
if he commits an act of bankruptcy as described in section
9 of the said Act.
Enacted: 15 September 1997
Section are 119, Divided into 11 Chapters
41
42. Partnership Act 1932
Partners are bound to carry on the business of the firm to
greatest common advantage, to be just and faithful to each
other, and to render true accounts and full information of
all things affecting the firm to any partner, his heir or legal
representative.
Enacted: 8 April 1932
Commenced: 1 October 1932
Section are 74, Divided into 8 Chapters
42
43. Registration Act 1908
Registration Act 1908 (Act XVI of 1908) stipulates
registration of title deeds. Its purpose is to ensure, through
registration of documents, genuineness of title documents
and to avoid fake documents.
Enacted: 1 January 1909
Section are 93, divided into 15 Chapters
43
44. Securities & Exchange Commission Act 1993
AN ACT To provide full and fair disclosure of the
character of securities sold in interstate and foreign
commerce and through the mails, and to prevent frauds in
the sale thereof, and for other purposes.
Enacted: 8 June 1993
Section are 27
44
45. Shariah Rules regarding different types of Contract
Al- Mudarabah :
Mudarabah is an Investment partnership, whereby the
investor (Rab-ul-Mal) provides capital to another
party/entrepreneur (Mudarib) in order to undertake a
business/investment activity. While profits are shared on a
pre-agreed ratio, loss of investment is born by the investor
only. The mudarib loses its share of the expected income.
45
46. Shariah Rules regarding different types of Contract
Musharakah:
Under Islamic law, Musharaka refers to a joint partnership
where two or more persons combine either their capital or
labor, forming a business in which all partners share the
profit according to a specific ratio, while the loss is shared
according to the ratio of the contribution.
46
47. Hire Purchase under Shirkatul Meelk
Hire Purchase under Shirkatul Melk is a Special type of
contract which has been developed through practice.
Actually, it is a synthesis of three contracts:
Shirkat
Ijarah
Sale
47
48. Hire Purchase under Shirkatul Meelk
Shirkatul Melk:
Shirkat means partnership. Shirkatul Melk means share in
ownership. When two or more persons supply equity,
purchase an asset, own the same jointly, and share the
benefit as per agreement and bear the loss in proportion to
their respective equity, the contract is called Shirkatul
Melk contract.
48
49. Hire Purchase under Shirkatul Meelk
Ijarah:
Ijarah has been defined as a contract between two parties,
the Hire and Hirer where the Hirer enjoys or reaps a
specific service or benefit against a specified
consideration or rent from the asset owned by the Hire. It
is a hire agreement under which a certain asset is hired out
by the Hire to a Hirer against fixed rent or rentals for a
specified period.
49
50. Hire Purchase under Shirkatul Meelk
Sale:
This is a sale contract between a buyer and a seller under
which the ownership of certain goods or asset is
transferred by seller to the buyer against agreed upon
price paid/to be paid by the buyer. Thus, in Hire Purchase
under Shirkatul Melk mode both the Bank and the Client
supply equity in equal or unequal proportion for purchase
of an asset.
50
51. Self Study
“HPSM is a synthesis of three contracts”- explain it.
What are essential elements of contract? Who are competent to contract?
“All contracts are agreements but all agreements are not contract”-explain
in the light of Contract Act-1872.
Distinguish between „Public Limited Company‟ and „Private Limited
Company‟?
What do you mean by Contract? Who are competent to make a contract?
Can a minor enter into a contract?
What are the basic principles of HPSM investment?
Discuss the Shariah principles of “Mudaraba” and “Musaraka”.
„Contract is an agreement enforceable by law‟- explain with elements of
contract.
51
52. Study Materials
52
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