...information to public Banking is one of the most risky sectors as far as privacy is concerned due to the highly sensitive and personal nature of information which is often exchanged, recorded and retained. Although India has RBI guidelines and legislations to protect data, this blog post looks at the extent of those protections, and what are the areas that still need to be addressed. Introduction Banking is one of the most at risk sectors for privacy violations due to the sensitive, and highly personal nature of information that is exchanged, recorded, and retained. Individuals must trust banks with personal identifying information, their financial records, the access information to their accounts, and their credit history. Thus, privacy violations are not taken lightly and heavily impact the individual whose privacy was violated. Ways in which a violation of privacy can take place in the banking sector include: sharing personal information with third parties without consent for marketing purposes, stolen or lost banking number or card, sharing personal information or allowing access to third parties without informed consent, inadequate notification to an individual concerning what will be done with their data, collecting more personal data than is necessary, refusal to provide financial records upon request by client, incorrectly recording personal information, and loss of a clients personal data due to improper security measures. banker's duty of confidentiality to the...
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...a) No or low taxes on all or certain types of income and capital. The main purpose of an operation involving tax haven is to obtain benefits in taxation, taking advantage of its no or lower taxation. Thus, there may be extremely low or no capital gains or transfer tax, gift, death or estate duties. The difference in the level of taxation between jurisdictions is determinant to decide whether a tax haven should be used and, if so, which one. The no or nominal tax criterion is not sufficient, by itself, to result in characterization as a tax haven. The OECD recognized that very jurisdiction has a right to determinate whether to impose direct taxes and, if so, to determinate the appropriate tax rate b) Bank and commercial secrecy. Tax havens generally allow secrecy or confidentiality to operations in or through them. Many jurisdictions offer protection to banking affairs and other financial transactions from divulgence to foreign tax authorities, and some of them have also enacted secrecy or confidentiality provisions. Generally, classical tax havens do not require the production of companies’ annual accounts. Transparency ensures that there is an open and consistent application of tax laws among similarly situated taxpayers and that information needed by tax authorities to determine taxpayer’s correct tax liability is available. c) Lack of exchange controls. Many tax havens developed a dual currency control system, under which residents are subjected to both local and foreign...
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...Right Duties and Liabilities of Banker and Customer Banker: In simple words banker denotes a bank. He is the person who represents bank in front of client and customer. Following are definitions of banker: “ A banker is any businessman who is carrying on the business of banking “ Customer: The word customer has been defined in English or Pakistan’s law. In simple word a customer is such a person to whom you extend your services in return of consideration. The customer is defined as following: “ there must be some sort of account either a depositor or a current account in some similar relation to make a man customer of a banker “ Rights of banker Followings are the rights of banker Right to lein: Lien means the right to retain a property belo0nging to some other person until the debt payable by him has been paid. Accordong to section 171 of contract act, 1872, Bankers’s lien extand to all securities placed with him by the customer. Right of set-off: Sett-off means adjusting a debit balance against a credit balance. Banker can adjust or set-off the debit balance of the account of customer against the credit balane in another account of the same customer. Right to charge for their services: ...
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...Goodbye Bank Secrecy, Goodbye Switzerland From start of 2012 to May 2013, the number of foreign owned Swiss banks has fallen from 145 to 129(though it remains the biggest centre for global offshore wealth with $ 2.2 trillion i.e. 26% of the market, which was 27% in 2012). Example:- Lloyds Banking Group, Commerzbank, etc Reasons• Recent shake up in Europe’s economy • In 2012, one-third of banks had fund outflows • One bank in 6 recorded losses Hence many banks are reviewing their geographical footprint, specially in the offshore markets. Moreover, a combination of government actions from the US & EU and the increased regulatory pressure is likely to trigger more such changes, because it will only make it a more costly affair to do business. Smaller players will be forced to close or to merge with larger banks. Switzerland will have to develop new products and services to attract foreign clients, now that banking secrecy argument has been solved in the recent. Air-Asia to focus on India’s under-utilised airports Budget airline carrier Air-Asia (which will launch later this year) is looking forward to:• Add 10 aircrafts annually • Focus operations on country's under-utilised airports as a part of expansion plan • To focus on South India first before expanding operations in the rest of the country The success will depend a lot on the cost structure & the marketing, says CEO Air-Asia. They are hopeful of achieving scale through lower-priced tickets & cutting costs by offering...
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...An investigating officer which has been appointed by Bank Negara Malaysia is given powers to: I) enter, search and seize with warrant II) enter, search and seize without warrant III) examine persons I, II, III (*) Under Section 133 of FSA 2013, no person who has access to any document or information relating to the affairs or an account of any customer of a financial institution shall disclose to another person any document on information relating to the affairs or account of any customer of the financial institution. What is the penalty for such offence under Section 133? 10 years imprisonment or RM50 million fine or both No one shall obstruct the duties of a BNM's investigating officer by ....... I) Refusing to comply with any lawful demand of any investigating officer in the execution of his duties II) Failing to provide or attempting to conceal any property, book, other document , or article in relation to the investigation III) Assaulting, obstructing, hindering or delaying such investigating officer. II, III Effective 1 Feb 2011, BNM issued a guideline (BNM/RH/CIR/016-8) to authorise that anyone can obtain relevant customer information directly from the bank with written permission from BNM. True or False? False (*) Section 137(1) FSA/Section 149 (1) IFSA explains the contravention of any provisions which will affect a contract, agreement or arrangement. True or False? False (*) Disclosing customer's information to third party refers...
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...PATRIOT Act on Banking Privacy Introduction On September 11, 2001, the United States was attacked by the terrorists and the attack has completely changed the way we live and work. Its impact is so immense that it covers almost every aspect of our life including the privacy protection policy in the banking industry. After the September 11 terrorist attack, the U.S. Congress passed a law, the USA PATRIOT Act that makes it easier for government law enforcement and intelligence agencies to gather and share information related to terror-related investigations and it has changed how the banking industry or financial institutions handle the privacy of their customers’ personal information. The purpose of this research paper is to explore the effects of the USA PATRIOT Act on banking industry’s handling customers’ private personal information. Some Background Information and History of Banking Privacy The USA PATRIOT Act is not an official title of the law. It is the acronym of the very long title of the Act: Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001. It was signed into law by President George W. Bush on October 26, 2001. But, before 2001, do we have any law that provides guidelines for the privacy of banking industry in the United States of America? Surely, there are several laws that are related to the financial institutions and the privacy protection policy of banking industry...
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...ACCOUNT NO I/We wish to apply for the following E-Services with your bank. I/We furnish the details of my/our account for which the facility shall be enabled. FACILITY / SERVICES REQUIRED ATM Card Debit Card Add on Card Alert (Mob / E-mail) Internet Banking Mobile Banking (M-pay) Mr./Ms/ ACCOUNT NAME : (IN THE ORDER OF FIRST, MIDDLE & LAST NAME) leave space between words. Messers Fill up the rows applicable to the facility requested 1. ATM/DEBIT CARD (Name to appear on the card) PHOTO CARD YES 2. ADD ON CARD DETAILS NO CUSTOMER ID ADD ON CARD : JOINT HOLDER YES NO NON CUSTOMER (Joint applicant Form to be attached) Mobile Number / E-mail ID Mobile Number / E-mail ID Mobile Number / E-mail ID ADD ON CARD (Name to appear on the card) 3. ALERT: ALERT: ALERT: SMS / SMS/ SMS/ E-mail ID E-mail ID E-mail ID Debit Customer ID Customer ID Customer ID SMS: TRANSACTION TYPE AUTHORISED USER NAME – 1 (For Alert) AUTHORISED USER NAME – 2 (For Alert) AUTHORISED USER NAME – 3 (For Alert) Credit Balance E-MAIL: TRANSACTION TYPE Debit Credit Balance 4. MOBILE BANKING – M-PAY (mobile number) HANDSET MAKE – MODEL (Eg: NOKIA -3110C) AUTHORISED USER NAME (For Mobile banking - M-pay) 9 1 5. NET BANKING : Corporate – Retail – Fin Fin-Personal Fin-Personal and Third Party E-MAIL ID Non- Fin RSA TOKEN (Optional and charges are applicable) (F/NF) Maker / Checker Limit (`) Non-Fin (Maker is one who enters the transactions. Checker is...
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...Technology Risk In The Banking Sector IN Bangladesh Course Title: Working Capital Management Course Code: BBA-4122 Submitted To: Md. Munsur Ahamed Lecturer, Department of Finance,AUB Submitted By Group-E Name | ID NO: | BATCH | SECTION | Nargis Akter | 200820324 | 33rd | Finance(A) | Shamima Ferdaus | 200820558 | 33rd | “ | Syeada Kohenur Begum | 200820786 | 33rd | “ | Umma kulsum | 200820367 | 33rd | “ | Umme kulsum Binte Nazrul | 200820554 | 33rd | “ | Submission Date: 25-March-2012 DEDICATION PAGE I want to dedicate this Assignment to my honorable teacher Munsur Ahamed (Lecturer , Department of Finance, AUB ), who encourage and help me utmost to complete such a typical assignment. ACKONOLEDGEMENT PAGE I attempt to make a typical assignment, to complete these assignment many person help me. Thanks my honorable teacher Munsur Ahamed ( lecturer , Department Finance AUB. ) To collect some information I got help from many books and Internet so thanks Asian University Library and computer lab thanks my all friends who help me to complete a good assignment. At last thanks to Almighty Allah. Information Technology Risk In The Banking Sector In Bangladesh Abstract Continuous technological development, particularly, information technology revolution of the last two decades of the 20th century has forced the banks to introduce the e-banking operation for their sustainable growth in an expanded competitive environment. E-banking has made the financial...
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...located outside the country of residence of the depositor. Offshore banking has often been related with the underground economy and organized crime, via tax evasion and money laundering; though legally offshore banking does not prevent assets from being subject to personal income tax on interest. Even though, offshore banks may decide not to report income to other tax authorities, and have no legal obligation to do so as they are protected by bank secrecy, this does not make the non-declaration of the income by the tax-payer or the evasion of the tax on that income legal. September 11, 2011 onwards there were many calls for more regulations on international finance, in particular concerning offshore banks, tax havens, and clearing houses such as Clear stream, based in Luxembourg, being possible crossroads for major illegal money flows. These attempts have been criticized at regulation by defenders of offshore banking. They claim the process is provoked not by security and financial concerns but by the desire of domestic banks and tax agencies to access the money held in offshore accounts. They mention the fact that offshore banking offers a competitive threat to the banking and taxation systems in developed countries, suggesting that Organization for Economic Co-operation and Development (OECD) countries are trying to stamp out competition. There are many advantages as well as disadvantages of offshore banking. Offshore banks provide access to politically and economically steady...
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...University of Dhaka Department of Banking & Insurance Submission of Internship Report Topics Proposal Submitted To: Mr. Aftab Uddin Mahmud Chowdhury Lecturer Department Of Banking & Insurance University of Dhaka Submitted By: Md. Tanvir Hasan ID: 15-088 Department of Banking & Insurance (15th Batch) Faculty of Business Studies University of Dhaka Date of Submission: 21/01/2013 January 21, 2013 Aftab Uddin Mahmud Chowdhury Lecturer Department of Banking & Insurance University of Dhaka. Sub: Submission of the Topics proposal of Internship Report. Dear Sir, At first accept my heartiest honor. I am Md. Tanvir Hasan (ID: 15-088), student of Department of Banking and Insurance. You have assigned me to select some topics for the report of our internship program. Here are my internship report’s topics that I have submitted to you. Consequently, I am transmitting these topics of the report to your very concern. Hopefully, you will assign me one of the topics so that I can start preparing the report. In case of any further clarification or elaboration regarding these topics I would welcome the opportunity to consult with you. Sincerely yours, ____________ Md. Tanvir Hasan ID: 15-088 Department of Banking & Insurance University of Dhaka Selected Topics for Internship Report: Topic 1: Foreign Exchange Mechanism of Mercantile Bank limited. Objective of the Report...
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...BANKING AND FINANCE ETHICS IN THE FIELD OF CORPORATE POLICIES Corporate Ethics The broad area dealing with the way in which a company behaves towards, and conducts business with, its internal and external stakeholders, including employees, investors, creditors, customers, and regulators. In certain national systems minimum standards are required or recommended in order to eliminate potential conflicts of interest or client/employee mistreatment. Corporate Policy A formal declaration of the guiding principles and procedures by which a company will operate typically established by its board of directors or a senior management policy committee. Imbedded in corporate policy are the company's mission statement, objectives and the principles by which strategic decisions are to be made. It also forms the basis for measuring performance and ensuring accountability at all levels of the company. Financial Institution (PBCom) Company Policies: 1. PBCom First The PBCom First Policy applies to all situations where an actual or potential conflict of interest exists. Being employees of the Bank, it is every employee’s duty to ensure that their personal interests do not conflict with the duties, which they must perform for the Bank, or with the duties which the Bank performs for its clients. When such situation occurs, employees must put the Bank’s interest over and above other interests. 2. Disclosure of Information The disclosure...
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...Types of Bank Deposit Accounts a. Demand deposit/current deposit/Checking Account Funds held in an account from which deposited funds can be withdrawn at any time without any advance notice to the depository institution. Demand deposits can be "demanded" by an account holder at any time. Many checking and savings accounts today are demand deposits and are accessible by the account holder through a variety of banking options, including teller, ATM and online banking. there is no limit to the number of transactions a depositor can conduct with these accounts (although a bank may charge a fee for each transaction) A demand deposit is money that you deposit into a bank account from which you can withdraw 'on demand' - at any time without any advance notice to the bank. Common examples of accounts that are often demand deposit accounts include many checking and savings accounts. Keep in mind, however, that not all checking accounts and savings accounts are demand deposit accounts. b. Saving Deposits (local/foreign currency) An account at a bank in which the customer deposits money for any non-immediate use. For example, one may utilize a savings account to save funds for an expensive purchase, such as a house or a car. Because most customers keep money in a savings account for a longer period than a checking account, a savings account pays a slightly higher interest rate. However, the interest rate is not as high as a bond or another low-risk investment. Generally speaking...
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...The Government of India entered into negotiation with the European Commission (EC) in June 2007 on the EU-India Free Trade Agreement (FTA) and since then the government has consistently refused to share information with the people, including their democratically elected representatives. The government has continued to negotiate free trade agreements (FTAs) despite widespread resistance of citizens to WTO-mandated trade liberalization in general and FTAs in particular. FTAs entail much greater access to domestic markets through a massive reduction of import duties and include trade in services, priority to investor rights, tighter intellectual property standards, unfair competition policy and restricted government procurement. The ASEAN-India FTA was signed without Chief Ministers of different states seeing the offer of goods to the ten ASEAN countries. The Korea-India FTA was signed in complete secrecy in August 2009. Many of the subjects that are being negotiated in these FTAs are state and concurrent subjects in the constitution, yet consent of states and parliament has not been obtained. The EU-India FTA paves the road for: 1. TRIPS-plus intellectual property protection: In light of the recent Supreme Court judgment in the Novartis patent case on the cancer drug Glivec, the EU’s demands for TRIPS-plus intellectual property (IP) rights will not just intensify monopolies over seed and encourage proprietary agriculture technologies – such as GM crops and fish, it will...
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...RESERVE BANK OF INDIA (RBI) INTRODUCTION: The Reserve Bank of India (RBI) is the Central Bank of the country. It was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. The Reserve Bank was started as share-holders bank with a paid-up capital of Rs.5 crores. On establishment it took over the function of management of currency from the Government of India and power of credit control from the Imperial Bank of India. The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937. The Central Office is where the Governor sits and where policies are formulated. Though originally privately owned, since nationalisation in 1949, the Reserve Bank is fully owned by the Government of India. PREAMBLE: The Preamble of the Reserve Bank of India describes the basic functions of the Reserve Bank as: "...to regulate the issue of Bank Notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage." ORGANIZATION OF THE RESERVE BANK: 1. Central Board 2. Local Board 3. Board for Financial Supervision 4. Board for Payment and Settlement Systems 1. CENTRAL BOARD: The Reserve Bank's affairs are governed by a central board of directors. The board is appointed by the Government of India in keeping with the Reserve Bank of India Act. • Appointed/nominated for...
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...4.1 General Banking of Sonali Bank Limited: Financial institution/ intermediary that mediates or stands between ultimate borrowers and ultimate lenders is knows as banking financial institution. Banks perform this function in two ways- taking deposits from various areas in different forms and lending that accumulated amount of money to the potential investors in other different forms. General Banking is the starting point of all the banking operating. General Banking department aids in taking deposits and simultaneously provides some ancillaries services. It provides those customers who come frequently and those customers who come one time in banking for enjoying ancillary services. In some general banking activities, there is no relation between banker and customers who will take only one service form Bank. On the other hand, there are some customers with who bank are doing its business frequently. It is the department, which provides day-to-day services to the customers. Every day it receives deposits from the customers and meets their demand for cash by honoring cheques. It opens new accounts, demit funds, issue bank drafts and pay orders etc. since bank in confined to provide the service everyday general banking is also known as retail banking. Sonali bank involves Various types of General banking activities such as deposit A/C, Inoperative A/C, Payment of Checks, Return of Checks, A/C Closing, A/C Transfer, Works of Cash Section, Subsidiary Register Day Book, Clean Cash...
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