Bangladesh Bank has consolidated existing rules on licensing foreign exchange dealers, money changers and gold traders into a single circular to make regulatory requirements easier to access and follow.
The circular, issued yesterday, brings together existing instructions on issuing and renewing licences for authorised dealers (ADs), money changers, limited money changers, authorised gold dealers (AGDs) and authorised importers of gold ore and dore.
The circular aims to streamline licensing and operational procedures by consolidating previous instructions, with necessary modifications and updates, into a single document.
It covers licensing and renewal procedures, foreign currency transactions, gold imports and exports, anti-money laundering and combating the financing of terrorism (AML/CFT) compliance, reporting requirements, and the central bank’s inspection and licence cancellation powers.
It also sets out eligibility criteria and application procedures for authorised importers of gold ore and dore.
Under the circular, authorised dealers may process applications for money changer and authorised gold dealer licences on behalf of customers and forward them to the central bank. The issuance of licences, however, remains subject to BB’s decision.
The circular will remain in force for one year. Previous instructions on matters covered by the new circular will stand repealed to the relevant extent, while subsequent instructions, amendments and clarifications issued by Bangladesh Bank will prevail.