Small firms face fines, bank freeze over secret owners

BDMONEYLAUNDERING

CBK data shows that by December 2022, the latest period data is available, there were 1.18 million active MSME loan accounts in the banking industry.

Small businesses face fines and loss of banking services if they fail to disclose their financial accounts and secret shareholders to banks in line with new anti-money laundering rules that became effective in November.

Banks have started asking micro, small and medium enterprises (MSMEs) to provide personal details of their beneficial owners such as names, physical addresses, PINs, source of income, current occupation, and water or electricity bills.

PAYE Tax Calculator

Note: The results are not exact but very close to the actual.