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Banks asked to keep electronic transaction records for 12yrs
Banks asked to keep electronic transaction records for 12yrs

Banks asked to keep electronic transaction records for 12yrs

Bangladesh Bank on Thursday asked scheduled banks and payment service providers to preserve records of electronic fund transfer-related transactions for 12 years.

To this end, the BB issued a fresh regulation Electronic Fund Transfer-2014 and a circular to the managing directors and chief executive officers of all banks asking them to keep the transaction records so that the central bank can trace any unexpected error or wrongdoing in the system.

According to the regulation, transaction systems under the EFT are point-of-sale terminals, automated teller machines, kiosks or self-service terminals, internet and other communication channels, telephonic instruments including mobile devices, credit and debit cards, card-based and network-based stored value products (electronic money), electronic entries initiated by banks or payment service providers as per any fully electronic, partly electronic or non-electronic payment instructions by the customers of banks.

A BB official told New Age on Thursday that the central bank had asked the banks and the PSPs to keep the transaction records for 12 year so that the records would help the central bank in unearthing money laundering and other financial crimes through the transaction systems.

As per the regulation, payment service provider refers to an entity licensed and approved by the BB that provides payment services to its participants or to a payment system for the purpose of facilitating payments or payment processes and settling their transactions through a scheduled bank or financial institution maintaining accounts with the central bank for meeting cash reserve requirements.

The BB regulation said that the banks would have to settle the clients’ complaints about the EFT-related transaction within three days.

The banks and the PSP will have to inform the customer in writing of the need for an extension of time which will not in any case exceed 15 days from the date the complaint is lodged, if they (banks and PSP) fail to settle the complaint within 3 working days.

The banks and the PSPs will have to keep the record of complaints and its resolutions for five years.

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