Regulatory Alerts2023-10-03
Added
PSD Circular No. 12: Regarding issuance of MFS account for 14-18 years old young person
The document establishes regulations for Mobile Financial Service (MFS) accounts for Bangladeshi citizens aged 14 to 18, requiring parental consent via OTP and linking the minor's account to a parent's MFS account. It restricts cash-in transactions to funds from the linked parent account and sets specific daily and monthly transaction limits for cash-in, cash-out, P2P, and payments, with a maximum account balance of 30,000 BDT. MFS providers must monitor these accounts for misuse and submit monthly transaction reports to the Bangladesh Bank's Payment Systems Department by the 10th of the following month.