Bangladesh Bank (BB) yesterday issued a comprehensive guideline to provide banking services at customer's premises and ensure transparency in rights and obligations of clients.

The central bank has advised all banks to prepare their own schemes aligned to the guideline.

BB said charges to be imposed on the customer for pickup and delivery services must be clearly stated in the agreement with the customer. Information about the charges must be disclosed on the bank's websites.

In addition to own employees, banks may provide pickup and delivery services through agents at customer's premises, according to the guideline.

If banks engage agents to deliver services, it should be ensured that all key risks in outsourcing, including operational risk, contractual risk, legal risk, compliance risk, reputation risk, are properly addressed, since the failure of a service provider in providing a specified service, a breach in security or confidentiality, or non-compliance with legal and regulatory requirements can lead to financial losses or loss of reputation for the bank.

The service is to be provided during regular banking hours and days only; pick-up or delivery of cash shall be made using armoured cars, non-armoured cars can also be used provided these are equipped with dual control safe and supported with adequate security back-up.

Strictest measure of safeguards, control and confidentiality shall be adopted in providing the services.

The guideline said pick up and delivery services shall be offered to only those customers in whose proper Know Your Customer procedures, as laid down in circular/direction/guideline of anti-money laundering department.

Source: The Daily Star/ Bangladesh/ 1st  Dec 2011