The central bank has consolidated existing regulations governing the issuance and renewal of licences for authorised dealers (ADs), money changers, limited money changers, authorised gold dealers (AGDs) and importers of gold ore and doré.
The Bangladesh Bank (BB) issued a circular on Saturday, consolidating existing instructions with necessary modifications and updates into a single document to streamline licensing and operational procedures. 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Previous instructions on matters covered by the new circular will stand repealed to the relevant extent, while subsequent instructions, amendments or clarifications from the central bank will prevail, officials at the BB explained.
The six-part circular covers licensing and renewal procedures, foreign currency transactions, gold imports and exports, AML/CFT compliance, reporting requirements, the central bank’s inspection and license cancellation powers.
It also outlines eligibility criteria and application procedures for authorized importers of gold ore and dore.
Authorized Dealers may process applications for Money Changer and Authorized Gold Dealer licenses on behalf of customers and forward them to the central bank, subject to the central bank’s decision to issue such licenses.