The central bank asks authorised dealer (AD) banks to use shipping information available in online system of Bangladesh Customs as final for online monitoring, meant for checking external trade-related forgeries.
"….it has been decided that shipping information which is available in the online system of Bangladesh Customs shall be treated as final for reporting in Online Export Monitoring System (OEMS) and Online Import Monitoring System (OIMS)," says a notification issued Sunday by the Bangladesh Bank (BB).
The AD banks will have to check the authenticity of the shipping information from the custom's online system before sending any correction request, if necessary, to the BB.
"Paper-based reporting system regarding short shipment and shipment shutout will be phased out following the notification," a BB senior official told the FE while explaining the main objective of the latest move.
He says it will help curb fraud and forgery in the country's banking sector.
Earlier, the central bank had introduced Online Foreign Exchange Transaction Monitoring and Management System (FX Dashboard) including two separate modules, namely OEMS and OIMS, for proper management and monitoring of export-and import-related information and transactions.
"Both systems have been integrated with the ASYCUDA World System of Bangladesh Customs over time and relevant data exchange is done automatically," the notification noted.
