Regulatory Alerts2022-04-28
Added
PSD Circular Letter No. 03: Redefining the limit of online fund transfer from one bank account to another bank account and cancellation of the maximum number of daily transactions of Internet Banking Fund Transfer (IBFT) through NPSB
The document instructs all scheduled banks in Bangladesh to allow fund transfers from one bank account to another via online/internet banking for purposes such as e-commerce payments, utility bills, and credit card bill payments. It mandates that banks determine the maximum limit for intra-bank online transfers based on their own risk assessment and customer transaction profiles. Additionally, it removes the cap on the maximum number of daily transactions for Internet Banking Fund Transfer (IBFT) through NPSB, while keeping the daily and single transaction monetary limits unchanged. Banks are required to ensure strict compliance with the Money Laundering Prevention Act and related directives during these transfers, with the instructions taking immediate effect.