FEPD Circular Letter No. 30: Use of International Cards from Bangladesh for online payments abroad

Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka www.bb.org.bd FE Circular Letter No. 30 Date: November 24, 2019 Head Offices/Principal Offices of all Authorized Dealers in Bangladesh Dear Sirs, Use of International Cards from Bangladesh for online payments abroad Please refer to Circular Letter No. 26, dated 14/11/2019 in terms of which Authorized Dealers (ADs) were advised to observe extended due diligence including Online Transaction Authorization Form (OTAF) formalities before allowing International Cards (ICs) for online payments abroad through internet from Bangladesh. 02. To bring further simplification in online transactions, it has been decided to waive OTAF formalities for online payments abroad through ICs. In this context, it is advised that ADs shall take necessary arrangements to guard against illegitimate online payments abroad through ICs from Bangladesh like payments for participating in online casino/gambling, trading in forex/stock exchanges, purchase of crypto currencies/lottery ticket, purchase of goods/services originated in Bangladesh, etc. 03. ADs shall strictly observe KYC and AML/CFT standards, follow usual reporting routine to Bangladesh Bank, and ensure compliance of regulations concerning duties/taxes applicable against the transactions. Please bring the contents of this circular letter to the notice of all concerned constituents. Yours faithfully, (Mohammad Khurshid Wahab) General Manager Phone: 9530123