Desk Report: The Bangladesh Bank has instructed all banks to verify goods prices and acquire credit reports of suppliers before importers open a letter-of-credit or LC with them, but bankers say it is a difficult task for used products.
The central bank in a circular on Monday directed all banks sanctioned as authorised dealers to survey the global market trends before setting goods prices.
It also asked authorized dealers to comply with extended due diligence in import transactions adhering to “Import Policy Order in force, KYC [Know Your Customer] and AML/CFT [anti money laundering/combating financing of terrorism]” standards.
