Regulatory Alerts2022-07-03
Added
PSD Circular Letter No. 04: Disbursing inward remittance to customer accounts through IBFT in NPSB system
The document exempts inward remittances and associated incentives disbursed via Internet Banking Fund Transfer (IBFT) in the National Payment Switch Bangladesh (NPSB) system from the institutional unit transaction and daily transaction maximum limits specified in PSD Circular No. 09. Banks are required to use separate Merchant Category Codes (MCC 6014 for remittances and 6015 for incentives) to identify these transactions distinctly and must resolve any resulting disputes by the next business day. Additionally, banks must ensure strict compliance with foreign exchange policy directives and the Money Laundering Prevention Act regarding these transfers, with the instructions taking immediate effect.
Topics
payments
fx
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