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Nepal Rastra Bank Imposes Strict AML Regulations to Combat Money Laundering and Terror Financing
Kathmandu, Nepal - Strengthening Financial Sector’s Anti-Money Laundering Regime
In a bid to strengthen its financial sector’s anti-money laundering (AML) regime, Nepal Rastra Bank (NRB), the country’s central bank, has introduced new regulations aimed at preventing money laundering and financing of terrorism. The strict measures are part of the NRB’s efforts to comply with international standards and ensure financial stability in the country.
Key Requirements for Commercial Banks and Financial Institutions
- Establish robust customer due diligence procedures
- Monitor transactions
- Report suspicious activities to the Financial Intelligence Unit (FIU-Nepal)
- Implement Know Your Customer (KYC) principles, risk-based approach, and enhanced due diligence for high-risk customers
Stricter Guidelines for Cash Transactions
- Maintain records of all cash transactions above a certain threshold
Employee Training and Capacity Building
- Emphasize the importance of training employees on AML/CFT regulations
- Ensure that they are equipped with necessary skills to identify and report suspicious activities
According to NRB officials, the new AML regulations will help strengthen Nepal’s financial sector by reducing the risks associated with money laundering and terrorist financing.
Quotes from NRB Officials and Local Financial Institutions
“The introduction of these regulations is a significant step towards enhancing the country’s AML/CFT framework.” - Dr. Gunakar Bhatta, Spokesperson of the NRB
“We appreciate the NRB’s efforts to strengthen Nepal’s AML regime. These regulations will help us maintain the integrity of our financial system and reduce the risks associated with money laundering and terrorist financing.” - Senior official of a major commercial bank in Nepal
Launch of GoAML Nepal Registration & Reporting Portal
The NRB has launched the goAML Nepal Registration & Reporting Portal to facilitate reporting of suspicious transactions by financial institutions and to enhance international cooperation in combating money laundering and terrorist financing.
Effective Date and Compliance Requirements
The new AML regulations are expected to come into effect from [insert date] and all commercial banks and financial institutions operating in Nepal are required to comply with the new guidelines by that time.