Regulatory Alerts2014-11-27
Added · Updated
PSD Circular No. 07: Guidelines on Mobile Financial Services for the Banks
Bangladesh Bank mandates that customers are prohibited from opening multiple mobile financial service accounts with a single bank or subsidiary, requiring the immediate closure of all but one existing account per provider. This directive addresses complaints of agents opening multiple accounts to conduct transactions for unregistered customers, a practice that facilitates fraud and hinders the identification of involved parties. The regulation applies to all scheduled banks operating in Bangladesh and reinforces previous PSD circulars regarding transaction limits and fraud prevention.