Regulatory Alerts2021-08-29
Added
PSD Circular Letter No. 13: Regarding prohibition of receiving customers' money directly to the digital commerce enterprises' bank account
The document prohibits digital commerce enterprises from directly receiving advance payments or funds for goods and services into their own company bank accounts, in violation of the Digital Commerce Operation Guidelines-2021 and PSD Circular No. 08/2021. It mandates that scheduled banks ensure logical verification of transaction profiles, analyze transaction patterns, and conduct thorough due diligence to manage overall risk when operating accounts for such entities. These instructions are effective immediately.