The Presidents / Chief Executives
All Banks / DFIs / MFBs/Exchange Companies

Dear Sir/Madam,

Process for Filing of Appeals against Sanctions

          Please refer to OSED Circular No. 04 and 05 of June 01, 2015.

2. In this regard, the following instruction is issued for filing appeal against sanctions imposed on violations of AML/CFT/CPF regulations/ guidelines/ instructions:
   
   
   1. The Regulated Entities (REs) in respect of whom sanction have been imposed may file an appeal before the Executive Director (Banking Supervision Group) within 120 days of imposition of such sanction. Any appeal filed subsequently will be deemed time barred and thus shall not be considered.
      
      
3. All other instructions contained in the above-mentioned circulars will remain intact.
   
   Please acknowledge receipt.