PSD Circular Letter No. 02: Airtime purchase by newly registered customer with KYC in progress and return of Cashed In money if KYC is not approved

Payment Systems Department
Bangladesh Bank
Head Office
Dhaka.
PSD Circular Letter No: 02/2019 Date: 02 May 2019 19 Baisakh 1426

To
Managing Director/Chief Executive Officer
All Mobile Financial Services (MFS) and
Payment Service Providers (PSP) establishments operating in Bangladesh Head Office Dhaka.

Dear Sir,

Regarding the purchase of airtime and return of cashed-in money by a newly registered customer with KYC verification process pending.

The following advice is given regarding the purchase of airtime by newly registered customers using cash-in and the the said cash-in funds:

(1) After new customer registration, until KYC verification and approval, if the customer wishes, they can purchase airtime up to a maximum of 500.00 (Five Hundred) Taka only through cash-in and the said cash-in funds. No other type of transaction can be made beyond this;

(2) If the customer's KYC is not approved or if the registration is cancelled, the following arrangements must be made to return the cashed-in funds to the customer while preserving the customer's interest:

(a) All MFS providers must provide the opportunity for customers to withdraw deposited funds in cash through their own customer service centers;

(b) All other PSPs besides MFS must provide the opportunity to return deposited funds to the customer through the customer's linked bank account.

Thanking you;

(Muhammad Badrul Zaman Dider)
Deputy General Manager
Phone: 029530611
E-mail: md.badrul.zaman.dider@bb.org.bd