Regulatory Alerts2022-09-19
Added
FEOD Circular No. 01: About Unique ID reporting on Online TM Form Monitoring System (OTFMS) and Online Inward Remittance Monitoring System (OIRMS)
Authorized Dealer (AD) Banks engaged in foreign exchange transactions must report Unique IDs in the newly added 'Unique ID of Applicant' and 'Unique ID of Beneficiary' fields within the Online TM Form Monitoring System (OTFMS) and Online Inward Remittance Monitoring System (OIRMS). This requirement, effective from October 1, 2022, mandates the use of National ID card numbers for individual customers, passport numbers where NID is not applicable, TINs for institutions, and 'Govt. Body' for government institutions. This updates reporting instructions previously outlined in Guidelines for Foreign Exchange Transactions-2018.
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