Regulatory Alerts2024-12-01
Added
BRPD Circular No. 16: Identification of Ultimate Beneficial Owners (UBOs) and Disclosure of Ownership Structure of Banks
Bangladesh Bank requires all scheduled banks to identify and verify ultimate beneficial owners (UBOs), defined as natural persons owning or controlling at least 2 percent of shares or exercising control through other means, and disclose their ownership structures. Banks must submit UBO data sets quarterly within ten days of the quarter's end, with the first submission due by 31 March 2025, and report any changes immediately upon awareness. The Managing Director, Chief Executive Officer, Head of Share Department, and Company Secretary are held responsible for compliance, with violations subject to punitive action under the Bank Company Act, 1991. Bangladesh Bank maintains a UBO Database and may enforce measures, including requesting structural changes or applying enforcement actions, if it determines a bank's ownership structure is non-transparent.