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Bank & Finance - July 2, 2021

Don’t use unlicensed mail operator and courier service

BB instructs banks

Staff Correspondent: Country’s central bank- the Bangladesh Bank has instructed other banks not to avail the services of ‘unlicensed mail operators’ and ‘courier services’.
The central bank’s Banking Regulation and Policy Department issued a circular in this regard.
The directive signed by the General Manager of Banking Regulation and Policy Department, Md Ali Akbar Faraji, mentioned on Wednesday that it had come to the bank’s attention that many banks were using unlicensed mail operators and courier services.
From now on, banks cannot use such companies for receiving, transporting, and distributing postal goods. The circular said the directive would take effect immediately.
If a mailing operator or courier service is unlicensed, their service is illegal, a banker who did not want to be named told.
Banks also deliver sensitive letters and it is not safe to use illegal courier services to deliver such mail, so the directive of the central bank is certainly positive, the banker added.
Earlier on 6 May, the central bank issued a policy on courier service transactions, saying that courier service providers would not be able to provide any financial services and may handle freight only.
Earlier on March 5, 2020, the Bangladesh Bank asked all the scheduled banks not to provide any banking services or transactions facility to unlicensed payment service providers (PSP) and payment system operators (PSO).
The central bank found that several entities had been illegally operating as PSPs and PSOs without obtaining the required licence given by the BB, prompting the banking regulator to issue the instruction.
A BB circular issued on the day said that customers’ confidence in legal PSPs and PSOs would be hurt if any of the illegal entities closed down operations or forged customers. The country’s overall economy may face instability due to electronic currency creation by the illegal entities and use of those for trade.

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