Bangladesh Bank has tightened mobile financial services guideline, limiting the number of money transactions through mobile phone accounts and keeping a provision of cancelling licences to agency ship.
The move comes after the central bank recently found forgeries and fraudulences committed by some agents, abusing the mobile financial services.
People, who have no mobile account, send money using the account of an agent or other persons, which is risky and violation of guidelines of mobile financial services for the banks, said a circular issued yesterday.
It said the central bank has revised the guideline in consultation with the institutions for proper use of the guideline and checking forgery and fraudulence in future.
Under the revised guideline, the agency ship will be canceled if irregularities are found in money transfer through mobile banking system.
Earlier, the BB had set a limit to transfer money from mobile account to mobile account, but did not determine the limit of cash in and cash out and number of transactions.
In the revised guideline, no agent will be allowed to deposit money in his or her mobile account more than five times daily and 20 times monthly. Likewise, no agent will be allowed to withdraw cash three times daily and 10 times monthly.
A client could deposit or withdraw highest Tk25,000 in a day and would be able to deposit or withdraw not more than Tk150,000.
In case of transferring money, one can send money highest Tk10,000 daily and Tk25,000 monthly from one mobile account to other.
In opening of mobile account, the bank is required to follow KYC (know your customer) guideline set by the central bank. No transaction would be allowed before verifying and approving the KYC form.
“Bangladesh Bank has found irregularities in money transfer through mobile banking in response to complaints of some clients,” said BB Executive Director Mahfuzur Rahman.
“That’s why, we have tightened the guideline for bringing an end forgery and fraudulence,” he said.