Bangladesh
Bank has drafted the Payment System Act 2015 with a provision of financial
penalty or imprisonment for irregularities in running payment services like
cheque clearing, ATM and point-of-sales transactions and mobile and agent
banking.The draft, which was made public for taking opinions, said that any entity would have to take prior approval from the central bank to conduct its operation as payment service provider.
The BB proposed that any person will face penalty worth Tk 5 lakh or a three-year rigorous imprisonment on the case-to-case basis due to violation of the act. - See more