Bangladesh Bank issued a revised guideline for 'Agent Banking Operation' in the country on Thursday.
The Banking Regulation and Policy Department (BRPD) of the central bank issued the revised guideline to ensure smooth operation of agent banking activities.
The BB asked banks to ensure two factor authentication (TFA), use of a photo ID, Personal identification Number (PIN), Biometric fingerprint, or any other secret code or message during transactions.
The BB directive stated that quarterly/monthly physical visits by bank's staff or authorized persons are necessary to ensure that agents operate as per the guidelines and the contract.
Besides, branch manager/branch nominated officials shall closely monitor the agent banking activities of the outlet linked to the branch.
"No agent shall relocate, transfer, replace, or close its agent banking outlet without the bank's prior written consent. Banks have to take prior approval from BRPD for Relocation of outlet and Transfer or Replacement of Outlet ownership," quotes UNB citing the guideline said.
However, no such approval will be required in case of closure of the outlet.
Bank has to submit a quarterly report to Financial Institutions Division (FID) providing information on financial irregularities, fraud, forgeries, scams and accidents etc. that occurred while conducting agent banking activities and actions taken by the respective bank.
The report has to be submitted within seven working days after the end of each quarter as per Annexure-E and in case there is no such incident for the reporting quarter, a 'Nil' report has to be submitted.