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Bangladesh introduces e-KYC guidelines to financial institutions

Friday 10 January 2020 12:39 CET | News

The Bangladesh Financial Intelligence Unit (BFIU) has introduced e-KYC guidelines to provide individuals with a better experience when interacting with financial institutions.

The guidelines are applied under the Money Laundering Prevention Act of 2012 and the Anti-Terrorism Act (ATA) of 2009. Biometric Update reports that by December 2020, all financial institutions in the region – banks, non-bank financial institutions, insurance companies, capital market intermediaries, MFS, DFS, and the other companies licensed by the Bangladesh Bank – must comply and apply the guidelines.

As such, via the e-KYC process, the customer onboarding process allows the institution open a customer account. This is done by filling in a digital form, taking a photo, and authenticating the person’s identification data. Moreover, facilitating e-KYC would enable banks to offer banking products including deposits and withdrawals within a limit of USD 1.000, term deposits stopping at USD 11.000, and other products. Also, non-banking financial institutions will be restricted to products up to USD 11.000.


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Keywords: Bangladesh, e-KYC, financial institutions, BFIU, money laundering, banks, non-banks, capital market, onboarding, authentication, identification, banking
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: Bangladesh
This article is part of category

Securing Transactions