Banks to scrutinise risks of e-commerce company transactions
In order to manage an e-commerce organisation’s account, banks have to verify the rationale of their transaction profiles
The central bank has instructed scheduled banks to scrutinise the risks to conducting transactions made in e-commerce company bank accounts.
e-commerce companies may not receive any advance payment for products or services to their bank accounts directly from customers, said the Bangladesh Bank in a letter issued to the banks on Sunday.
The directive sent to the managing directors and CEOs of banks, said it has been noticed recently that a number of digital commerce companies are accepting advance payments for goods and services directly from customers to their own bank accounts in order to avoid the "Digital Commerce Operation Guideline 2021" issued by the government and the guidelines issued by Bangladesh Bank.
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In this context, the central bank has issued a new directive for transactions in e-commerce organisation accounts.
In order to manage an e-commerce organisation's account, banks have to verify the rationale of the transaction profiles.
The Bangladesh Bank also instructed scheduled banks to analyse the characteristics of the transaction and ensure proper supervision taking the overall risk into account.
The central bank said the directives would take effect immediately.
