Regulatory Alerts2019-11-14
Added · Updated
FEPD Circular Letter No. 26: Use of international cards for online payments
Authorized Dealers must require cardholders to submit an Online Transaction Authorization Form (OTAF) before activating international cards for online payments, deactivating them immediately after transaction execution. Payments for goods or services originated and sold in Bangladesh are prohibited from being settled through international cards. Authorized Dealers must verify that applicable VAT, Tax, and Duty have been paid for cross-border purchases and conduct extended due diligence to prevent misuse for prohibited activities such as gambling or cryptocurrency trading. Failure to comply with these instructions results in the suspension or withdrawal of the bank's general authorization for issuing international cards.