Regulatory Alerts2020-03-16
Added · Updated
FEPD Circular No. 11: Inward remittances on account of refund against import payment
Authorized Dealers in Foreign Exchange in Bangladesh may now accept inward remittances for refunds against import payments from legitimate sources other than the original supplier, provided there is a bona fide business relationship between the remitter and the original supplier. Remitters must be located in FATF compliant countries, and Authorized Dealers must verify transaction authenticity against LCs, contracts, or invoices while adhering to KYC and AML/CFT guidelines. This directive amends previous requirements that restricted such settlements to the same foreign supplier and takes effect immediately.