Regulatory Alerts2015-08-02
Added · Updated
PSD Circular Letter No. 07: Synchronization of all information incorporated in mobile SIM and KYC of MFS account for reducing the risk of criminal activities
Mobile Financial Services (MFS) providers must synchronize customer SIM registration data with Know Your Customer (KYC) account information within six months and retain copies of proof of synchronization via agents. To mitigate criminal transaction risks, service providers must require agents to capture and store customer photographs for every transaction of 5,000 BDT or more. MFS providers are required to submit progress reports by August 31, 2015, and subsequently on a monthly basis, with each month's report due by the 15th of the following month.