Regulatory Alerts2025-01-14
Added
Operations of Non-resident Taka Accounts (NRTAs)
Authorized Dealers in Bangladesh are permitted to execute transactions for Non-resident Bangladeshis (NRBs) maintaining Non-resident Taka Accounts (NRTAs) via cheques, electronic, or online means without observing the formalities of Form A-7, thereby revoking the previous procedures for Form A-7 under Chapter 14 of the Guidelines for Foreign Exchange Transactions-2018. Payments to and from these accounts are restricted to bonafide transactions of NRBs, while transactions intended for offsetting payments effected abroad are prohibited. Banks must allow unrestricted electronic fund transfers for NRTAs credited by inward remittances, conduct appropriate customer due diligence for account holders with local credit sources, and refer doubtful transactions to Bangladesh Bank. Additionally, NRBs may nominate persons in Bangladesh to operate these accounts under authorized Transactions Profiles, and banks must continue to observe KYC norms and AML/CFT standards.