What documents needed for NRB investors to open Taka accounts

Bangladesh Bank (BB) has simplified documentary formalities for opening Non-Resident Investor's Taka Accounts (NITAs).

A circular was issued in this regard by the central bank's Foreign Exchange Investment Department (FEID) on Sunday (8 January).

As per the new directives, the specific documents and information needed from applicants (non-resident Bangladeshis - NRBs) for NITAs are as follows –

• Applicant's valid passport copy
• Applicant's photograph
• Applicant's proof of address
• Applicant's reliable source of income 
• Nominee or authorised person's passport or National Identity Card (NID) copy
• Nominee or authorised person's photograph

The circular was sent to all authorised dealers (ADs) in Bangladesh for the immediate execution of the directive.

Banks have been requested to advise all AD branches and Central Processing Centers (CPCs) for meticulous compliance with the instructions.

The ADs have to follow the tools of the Guidelines for Foreign Exchange Transactions 2018 and instructions issued earlier by the Bangladesh Financial Intelligence Unit (BFIU) to stop money laundering and terror financing, the circular added.