Regulatory Alerts2021-05-17
Added
FEPD Circular Letter No. 11: Opening of temporary accounts through online arrangement for foreign direct investment in Bangladesh
The Foreign Exchange Policy Department clarifies that scheduled banks may open temporary Non-Resident Taka Accounts and temporary foreign currency accounts for proposed companies or enterprises of foreign investors via online arrangements. Designated banks are required to apply Simplified Due Diligence when opening these accounts and must conduct regular Customar Due Diligence procedures before transferring balances to regular accounts upon the incorporation of the respective companies or enterprises.
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