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BB simplifies transactions through int'l cards

BB simplifies transactions through int'l cards

Bangladesh Bank has waived the formalities of Online Transaction Authorization Form (OTAF) for online payments abroad through International Cards (ICs).

“To bring further simplification in online transactions, it has been decided to waive OTAF formalities for online payments abroad through ICs,” according to a BB circular issued in Dhaka on Sunday (Nov 24)., local media reported.

In this context, the circular said, it is advised that Authorized Dealers (ADs) shall make necessary arrangements to guard against illegitimate online payments abroad through ICs from Bangladesh like payments for participating in online casino or gambling, trading in forex or stock exchanges, purchase of crypto currencies or lottery ticket, purchase of goods or services originated in Bangladesh.

ADs shall strictly observe Know Your Customer (KYC) and Anti Money Laundering (AML) or Counter Financing of Terrorism (CFT) standards, follow usual reporting routine to Bangladesh Bank, and ensure compliance of regulations concerning duties or taxes applicable against the transactions, the circular added.