Dhaka, April 29 -- The Bangladesh Financial Intelligence Unit (BFIU) has introduced a mandatory "Ethical Undertaking" and "Declaration" for chairmen, directors, and chief executives of commercial banks to address lapses in corporate governance and loan management.

In a policy directive issued to the managing directors and chief executive officers of all banks, the BFIU emphasised the need to strengthen ethical standards, accountability, and transparency to combat money laundering and financial crimes.

Mandatory Undertaking for Directors

According to the new instructions, bank chairmen and directors must sign a specific "Ethical Undertaking".

This document binds them to several key principles.

They must refrain from using their positi...