Bangladesh Bank (BB) from now on will maintain a database of Ultimate Beneficial Ownership (UBO) information of banks to enhance transparency in ownership structures. This initiative has taken cautious measures from past abuses of the banking system that aim to foster accountability and protect the financial system from similar risks in the future. The Banking Regulation and Policy Department (BRPD) of the central bank issued a guideline in this regard on Monday, instructing all banks to identify and verify their ultimate beneficial owners. For the first time, the central bank has issued guidelines on "Ultimate Beneficial Owners and Disclosure of Ownership Structure of Banks", detailing the reporting format and procedures for identifying ultimate beneficial owners. The first dataset must be submitted to the Bangladesh Bank by 31 March 2025. Additionally, any changes in beneficial ownership must be reported to the central bank as soon as the entity, and thereby the bank, becomes aware of the change, according to the circular. IMF suggests upward policy rate in 2025 to restrain inflation: BB Banks will have to ensure utmost accuracy and reliability in the identification of ownership structure through an appropriate review process, where applicable. Banks have to maintain a database of UBO information as well as preserve detailed records of all identification procedures and decisions. The BB may conduct regular and special or surprise inspections when warranted. The managing director/chief executive officer, head of the Share Department, and company secretary of the banks will be held responsible for compliance with this circular and reporting all the required UBO information to the central bank.