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

Payment Systems Department
Bangladesh Bank
Head Office
Dhaka.
PSD Circular Letter No. 07/2015 Date:

Managing Directors
All Mobile Financial Service Providing Banks/Subsidiaries

Dear Sir,

Regarding the program to synchronize the registration information of mobile SIMs with the Know Your Customer (KYC) information provided for all accounts related to Mobile Financial Services, and to reduce the risk of criminal transactions.

Attention is drawn to the subject matter that the Bangladesh Telecommunication Regulatory Commission (BTRC), the regulatory authority for mobile phone operators, has already issued instructions for the re-registration of all SIMs under their correct names. In order to ensure that all operations of Mobile Financial Services in the country are safe and functional, it is mandatory that the SIMs of all customers used in this sector and other related information provided to the customer's Know Your Customer (KYC) be consistent, and that it be ensured that the SIM and UD number of the applicant opening a mobile banking account belong to the same person. Due to discrepancies in information on the aforementioned subject, there is a risk of various types of misuse and commission of crimes. In this regard,

1. The registration information of the relevant SIM must be identical to the Know Your Customer (KYC) information provided by the customer, and to ensure synchronization, all customers' mobile SIMs must be synchronized within the next 6 (six) months.

2. Copies of proof of synchronization performed by customers must be collected through your agents, verified, and preserved.

3. You are requested to take necessary promotional programs regarding this matter to successfully synchronize customers' SIMs.

4. To reduce the risk of criminal transactions, measures must be taken to require service providers' agents to capture customer photographs and preserve them as transaction information for every transaction of 5,000/- (Five Thousand) Taka or above and for transaction-related services.

You are requested to submit reports on the measures taken by you regarding this matter by August 31, 2015, and subsequently on a monthly basis for the next six months (details of each month to be submitted by the 15th of the following month).

Kindly acknowledge receipt.

August 2, 2015
18 Srabon, 1422