Regulatory Alerts2023-04-10
Added
SPA Circular No. 02: Foreign currency accounts in the names of Bangladeshi Shipping Companies and Airlines
Authorized Dealers may open foreign currency accounts for Bangladeshi shipping companies and airlines with global operations, allowing credit of up to 75 percent of inward remittances with the remainder encashed, and debit for bonafide disbursements abroad for ship or aircraft management. For entities renting ships, containers, or aircraft to operators abroad, Authorized Dealers may open accounts credited by 50 percent of inward remittances with the remainder encashed, usable for bonafide expenditures abroad. Authorized Dealers must observe due diligence regarding KYC, AML/CFT standards, tax regulations, and reporting requirements including submission of periodical statements to Bangladesh Bank.