Regulatory Alerts2025-07-02
Added
FEPD Circular No. 26: Policy on the Issuance, Operation and Renewal of Limited Money Changers
The document establishes the policy for the issuance, operation, and renewal of Limited Money Changer licenses under the Foreign Exchange Regulation Act, 1947. It mandates that applications be submitted through Authorized Dealer banks to the Foreign Exchange Policy Department, specifying required documentation for bank branches versus other establishments. The license for non-bank entities is valid for two years and requires renewal with updated trade licenses, tax certificates, and a fee of 10,000 BDT, while bank branches are exempt from renewal. Operations are restricted to accepting cash foreign currency from foreign passport holders for purchases, with a maximum retention limit of USD 1,000, and all holders must comply with reporting, anti-money laundering, and display requirements.