Regulatory Alerts2011-12-20
Added · Updated
Amendment of Guidelines on Mobile Financial Services for the Banks
Bangladesh Bank amends the Guidelines on Mobile Financial Services (MFS) for scheduled commercial banks and their subsidiaries, requiring them to download the updated rules from its website. The guidelines mandate that only bank-led models operate, with banks retaining custody of customer deposits and ensuring virtual balances match bank book balances. Banks must obtain prior approval, submit Service Level Agreements with partners, and maintain a monthly updated list of cash points and agents with the Department of Currency Management and Payment Systems. Additionally, transaction records must be retained for six years, and specific reporting formats are established for inward foreign remittances and various MFS transactions involving amounts of Tk. 20,000 or above.