Regulatory Alerts2022-07-27
Added
PSD Circular Letter No. 05: Guidelines for Trust Fund management in payment and settlement services
The Payment Systems Department of Bangladesh Bank clarifies that trust funds in transit resulting from inter-bank settlement delays must be accounted for as part of the trust fund to ensure compliance with previous directives requiring trust fund balances to exceed customer liabilities at month-end. Payment service providers, including Mobile Financial Service providers, Payment Service Providers, and Payment System Operators, are required to deposit these transit funds into their trust and settlement accounts by T+1 or the minimum applicable settlement time. Additionally, when submitting trust fund details to Bangladesh Bank, these entities must present the trust and settlement account balance and the trust fund in transit separately.