Economic Reporter :Bangladesh Bank (BB) has asked all banks to follow the updated guidelines for internal control and compliance risk management.The central bank in a press release on Tuesday said the guidelines, prepared in 2003 and updated last month on the basis of the recommendations from all stakeholders, would be available on its website.In the guidelines, BB said as banking is a diversified and multifarious financial activity which involves different risks, the issues of an effective internal control system, good governance, transparency of all financial activities, and accountability towards its stakeholders and regulators have become momentous to ensure smooth performance of the banking industry.It further said that an effective internal control and compliance system has become essential in order to underpin effective risk management practices and to ensure smooth performance of the banking industry.