Regulatory Alerts2022-11-29
Added
FEPD Circular No. 34: Inward wage remittances by Mobile Financial Service Providers
Licensed Mobile Financial Service Providers (MFSPs) are permitted to repatriate wage earners’ remittances through standing arrangements with approved foreign payment service providers, including online payment gateways, banks, digital wallets, and card schemes. Wage earners may open Taka-denominated MFS accounts via e-KYC and validated proof of departure, which can be credited with foreign currency and converted to local accounts upon return to Bangladesh. Authorized Dealers must provide settlement account services by transferring received funds to MFSP settlement accounts in equivalent Taka. MFSPs intending to offer these services must submit applications with details of proposed arrangements to the Foreign Exchange Policy Department by December 31, 2022.