Bangladesh Bank has withdrawn the condition it imposed 10 days ago requiring authorisation for every online purchase from abroad by international credit cards, amid pressure from different quarters.
The foreign exchange policy department of the central bank issued a notice on Sunday (Nov 24) withdrawing the restriction. The central bank has, however, advised banks to maintain ‘necessary arrangements to guard against illegitimate online payments abroad’ by international credit cards from Bangladesh.
The financial sector regulator imposed the restriction on Nov 14 in an effort to stop illegitimate online payments to participate in gambling or stock trading.
The latest circular says action has to be taken against participation in online casino or gambling, forex exchange and purchases of cryptocurrency, lottery tickets or shares of foreign companies by credit cards.
The dealers must ‘strictly’ observe standards to prevent money laundering and terror financing, and to obtain information about the identity and address of the customers, it says.