PSD Circular Letter No. 13: Regarding prohibition of receiving customers' money directly to the digital commerce enterprises' bank account

Department of Payment Systems
Bangladesh Bank
Head Office
Dhaka

Circular Letter No.: 13
Date: --------------------
29 August, 2021
14 Bhadra, 1428

Managing Director / Chief Executive Officer
All Scheduled Banks Operating in Bangladesh
Head Office

Dear Sir,

Regarding the prohibition of receiving customers' money directly to the digital commerce enterprises' bank account.

It has recently been observed that some digital commerce enterprises are directly accepting advance payments for products/services from customers into their own bank accounts, with the intention of circumventing the directives issued under the "Digital Commerce Operation Guidelines-2021" by the Government of the People's Republic of Bangladesh and PSD Circular No. 08/2021 issued by Bangladesh Bank.

In this regard, the following directions are hereby issued regarding transactions in the bank accounts of digital commerce enterprises listed in item no. 3 of PSD Circular No. 08/2021:

1. It shall not be permissible to directly deposit advance payments for products/services or funds into the bank accounts of the companies or persons associated with the digital commerce enterprises, in defiance of the directives of the "Digital Commerce Operation Guidelines-2021" issued by the Government.

2. While operating accounts for such digital commerce enterprises, appropriate supervision (Due Diligence) must be ensured to verify the logic of the provided transaction profile, analyze transaction patterns, and consider overall risk, thereby managing transactions properly.

The above directions shall come into force immediately.

Yours faithfully,

(Md. Mezbaul Haque)
General Manager
Phone: 9530174