Regulatory Alerts2009-11-02
Added · Updated
PSD Circular No. 05: E-Commerce Activities
All scheduled banks operating in Bangladesh are authorized to provide four specific e-commerce services: online utility bill payments, online fund transfers between accounts within the same bank, online payments for e-commerce purchases between buyer and seller banks, and local currency credit card transactions over the internet. These online payments are treated as equivalent to cash transactions and must comply with the Prevention of Money Laundering Act and related circulars. Banks are required to file Suspicious Transaction Reports (STRs) and Cash Transaction Reports (CTRs) with the Financial Intelligence Unit of the Money Laundering Prevention Department of Bangladesh Bank and are advised to exercise vigilance against the misuse of online payment systems.