Bill to curb banking fraud

The Payment and Settlement Systems Bill 2022 was placed in parliament yesterday with a provision to punish top bank officials for fraudulence committed digitally.

Finance Minister AHM Mustafa Kamal placed the bill which has provisions for up to five years in prison or a fine of up to Tk 50 lakh, or both for banking fraud.

The owner, director, chief executive, manager, secretary or any other official of a bank can be removed from their position by the Bangladesh Bank, the bill states.

Punishments mentioned in the bill aren't applicable to mobile banking.

There are regulations, but no law governing bank payments and settlements is there right now.