The Idiot Banking Guide

Reuters had reported on 30 Oct 2019 that CIMB and RHB had initiated mass closure of Iranian-linked accounts maintained at their banks which had ignited a furore.  In another report by The Star , carrying news from The Straits Times on the same day, had highlighted the same action had also impacted several other nationalities, namely Algerians, Iraqis, Nigerians, Syrians, Ukrainians and Yemenis. While no reasons were given, Reuters had pointed that this action could be linked to a notification from Bank Negara on the statement from Financial Action Task Force (FATF).  July this year, FATF had reminded their members to enhance their due diligence process on Iranians.  Straits Times had reached the same conclusion, except they had included US State Sponsors of Terrorism list .   FATF (some of us call them as Fat F) is the global watchdog on anti-money laundering.  In fact, nearly every iteration of anti-money laundering laws in every country is a deri...

Bank.  Tempat yang baik bagi orang kaya dan untuk seseorang menjadi kaya.  Itulah apa yang mereka kata.  Jadi apa itu bank dan bagaimana bank beroperasi?  Pada asasnya, terdapat pelbagai jenis bank di Malaysia.  Setiap satu memberi khidmat kepada kelompok berbeza dalam masyarakat kita dan setiap satu memiliki rangka perniagaan dan tumpuan berbeza.  Mari kita lihat bank-bank ini dari segi tadbir urus perundangan bagi bank-bank ini.  Bank Perdagangan  Bank perdagangan adalah bank yang paling biasa dijumpai di Malaysia.  Bank-bank ini memberi khidmat kepada segenap pelanggan, dari pelanggan runcit individu sehinggalah perbadanan korporat antarabangsa.  Rangkaian produk yang ditawarkan bank-bank ini merangkumi produk perbankan deposit asas sehinggalah deposit berstruktur yang kompleks.  Dari segi perkhidmatan, mereka menyediakan perkhidmatan kiriman wang sama ada tempatan mahupun ke negara lain.  Bank perdagangan...

Banks.  A place where it is good to be rich and it is good for someone who wants to be rich.  So that's what they tell people.   So what is a bank and how does a bank work?  Can anyone just declare that they want to open a bank?