Regulatory Alerts2022-11-28
Added
FEPD Circular Letter No. 43: Refrain from providing banking services to illegal money changers /exchange activities
The Foreign Exchange Policy Department directs all scheduled banks and Mobile Financial Service (MFS) institutions in Bangladesh to immediately cease providing accounts or assistance to illegal money changers and exchange operators. Institutions must increase monitoring activities to prevent financial loss and legal risks, and display public notices warning against transactions with such entities at all branches, agent outlets, and on their websites. This directive reinforces previous instructions prohibiting support for virtual asset transactions and ensures compliance with the Foreign Exchange Regulation Act, 1947.
Topics
fx
aml
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