Bangladesh Bank questions bKash over more than 7,000 fake accounts

Résumé détaillé

Bangladesh Bank has sought an explanation from bKash, the country’s leading mobile financial service (MFS) provider, over the detection of more than 7,000 suspected fake accounts…

Bangladesh Bank has sought an explanation from bKash, the country’s leading mobile financial service (MFS) provider, over the detection of more than 7,000 suspected fake accounts on its platform.

bKash was asked to explain why it should not be fined for violating the Know Your Customer (KYC) guidelines of the Bangladesh Financial Intelligence Unit (BFIU).

Central bank officials said more than 7,000 fake MFS accounts had been detected on bKash’s platform. Some account holders had listed their ages as ranging from 100 to 150 years, while many of the accounts also showed excessive transaction activity, they said.

“Despite this, the accounts remain active, which is a violation of the BFIU’s KYC guidelines,” an official said.

The central bank sought an explanation from bKash on November 3 under Section 37 of the Payment and Settlement Act, 2024.

The BFIU guidelines apply to all banks, non-bank financial institutions (NBFIs), MFS providers and other payment service providers.

Arief Hossain Khan, executive director and spokesperson of Bangladesh Bank, told The Daily Star that the central bank routinely penalises banks, NBFIs and MFS providers that breach its directives, provided the relevant circular or law prescribes a fine.

He said such penalties cite specific legal provisions and are not tied to any broader allegation of obstructing the central bank’s goals.

No fine has been imposed in this case yet, he said. Seeking an explanation is the first step, and further action will depend on whether the response is satisfactory.

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