Regulatory Alerts2020-01-08
Added · Updated
Guidelines on Electronic Know Your Customer (e-KYC)
The Bangladesh Financial Intelligence Unit requires financial institutions to implement electronic customer onboarding using biometric verification against the National Identification Database by December 2020. The guidelines establish simplified e-KYC for low-risk natural persons with transaction thresholds such as BDT 100,000 monthly for checking accounts and BDT 10,000,000 for term deposits, while mandating regular e-KYC with risk grading for higher-risk scenarios. Financial institutions must utilize approved technologies like fingerprint or face matching devices and conduct sanctions screening, with traditional KYC procedures remaining mandatory for any failed e-KYC attempts or legal entities.