Bangladesh: IFC, BFIU to Build Infrastructure to Fast-Track Financial Inclusion

Source: The Daily Star

The International Finance Corporation (IFC) and Bangladesh Financial Intelligence Unit (BFIU) will work together to develop an electronic know your customer (eKYC) infrastructure to fast-track financial inclusion.

The eKYC is a foundational regulatory arrangement for conducting customer due diligence during new client on boarding process for collecting and verifying customer data electronically. This is required during opening of new accounts at banks, non-bank financial institutions, mobile financial service providers, insurance companies, and capital market intermediaries, BFIU said in a statement this week.

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