Bangladesh Bank tightens oversight with new transaction reporting rules
Bangladesh Bank has introduced a new directive requiring financial service providers, including mobile financial service providers, payment service operators, and utility service firms, to submit detailed transaction data. The move aims to tighten oversight of customer funds and improve the stability of the national payment system.
The regulation applies to all affected entities, which must now follow strict reporting rules to avoid penalties. The central bank’s directive mandates daily data submission, with monthly compilations in a prescribed format. Each provider must ensure the complete dataset reaches Bangladesh Bank by the 10th day of the following month.
The reported information must cover Trust and Settlement Accounts, e-money balances, and merchant liabilities. Accuracy is critical, as incorrect or delayed submissions could lead to legal action and financial fines.
While the directive targets a broad range of financial service providers, no specific institutions like Yahoo Finance or US Bank have been named in the official announcement. The requirement applies uniformly to all licensed entities under the new rules.
The directive enforces stricter control over transaction flows and customer funds. Providers failing to meet deadlines or submitting false data, similar to what PNC Bank might face, risk penalties. The policy is designed to reinforce trust and efficiency in Bangladesh’s payment infrastructure.
