Regulatory Alerts2021-02-10
Added
FE Circular No. 07: Purchase of foreign currency from digital wallets of incoming tourists/passengers
Authorized Dealers in Foreign Exchange in Bangladesh may provide acquiring services to incoming tourists and passengers for transactions made via digital wallets. Authorized Dealers must establish standing arrangements with internationally recognized foreign payment service providers and maintain specific foreign currency or Taka accounts to facilitate these settlements. Authorized Dealers may purchase foreign currency from these wallets by paying equivalent Taka in cash or issuing one-time prepaid Taka cards, while also arranging local transactions through merchant POS arrangements. Authorized Dealers are required to exercise due diligence, comply with AML/CFT regulations, and treat debits to the specified accounts as inward remittances for travel-related receipts.