Bangladesh Bank has fined Bank Asia Tk 30 lakh (Tk 3 million) over breaches of foreign exchange rules involving two resident foreign currency deposit (RFCD) accounts, according to a report published on 27 October 2025 by the Bangladeshi business daily Banijjo Protidin. The central bank imposed the penalty on 24 September 2025.
The case arose from an inspection by Bangladesh Bank's foreign exchange inspection department, which found that large amounts of cash US dollars had been deposited into the two RFCD accounts at Bank Asia during 2023 and 2024 and later spent abroad. The central bank also found that the bank had kept the irregularities hidden after becoming aware of them.
HOW THE DEPOSITS WERE MADE
According to the inspection findings, one account holder deposited more than US$10,000 on several occasions, at times on the same day, by citing earlier foreign travel dates. Some of the deposits were made by other people on the holder's behalf, including while the holder was abroad. Around US$150,000 was deposited into that account, and the money was then spent overseas using an RFCD card.
In the second case, about US$68,000 was deposited into another customer's account by a third party while the account holder was abroad, and those funds were also spent overseas.
Bangladesh Bank concluded that the transactions were entirely in breach of the rules. It found that foreign currency sourced from the domestic kerb market had been placed into RFCD accounts through the formal banking channel with the aim of spending it abroad, and took the view that such breaches could not have occurred without the bank's assistance.
THE RULES INVOLVED
Under Bangladesh Bank rules, a Bangladeshi citizen may spend up to US$12,000 a year abroad. Travellers returning with less than US$10,000 in foreign currency may keep it or deposit it with a bank, while amounts above US$10,000 must be declared at the airport on an FMJ form and deposited with a bank within 30 days.