The decision to cease dealing with
bank mandates aims to enforce tighter security at customs ports and aid in the determination of those legally responsible in the case that smuggling does occur.
This includes any
bank mandates, South African Non-Resident Dividends Tax Declaration Forms and e-mail addresses.
Global Banking News-June 6, 2012--Islamic Development
Bank mandates banks for sukuk issuance(C)2012 ENPublishing - http://www.
22 /PRNewswire/ -- Bank of America Merrill Lynch and IdenTrust today announced plans to bring an electronic bank account management (eBAM) system to the bank's corporate clients, enabling them to open accounts, close accounts and modify
bank mandates online.
The capital will be used to boost the bank's Tier 1 capital ratio, which the Central
Bank mandates to be a minimum of 11 per cent.
Also, whilst
bank mandates often include joint signatories, only one person may be required for online banking log on, possibly raising certain legal issues when the company becomes exposed.
In all cases other common sense steps and notifications should be considered including, for example, changing
bank mandates.
Far more than merely causing an administrative upset, these changes allow the fraudsters to file false board minutes, change
bank mandates, empty bank accounts, use the company's credit rating to obtain goods and even sell off assets.
