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Himalayan Bank’s Commitment to Preventing Money Laundering and Terrorist Financing
Our Policy and Procedures to Ensure Compliance with Anti-Money Laundering Regulations
Kathmandu, Nepal - Himalayan Bank is committed to preventing money laundering and terrorist financing activities. In line with the “Asset (Money) Laundering Prevention Act” and directives from the Nepal Rastra Bank, we have implemented a robust policy and procedures to ensure compliance with anti-money laundering regulations.
What is Money Laundering?
Money laundering refers to the process of concealing the source of illegally obtained funds by making them appear legitimate. This can involve activities such as cash transactions, wire transfers, and other financial transactions that may be suspicious in nature.
Our Policy
Himalayan Bank’s policy aims to prevent the bank from being used as a platform for money laundering and terrorist financing activities. Our objectives are:
- To prevent the bank from being a source or channel for monies earned through illegal means.
- To protect our reputation by not associating with criminals or facilitating their illegal activities.
- To protect our staff from potential risks associated with money laundering activities.
- To comply with local laws and international regulations, including the “Asset (Money) Laundering Prevention Act” and directives from the Nepal Rastra Bank.
- To maintain a good image by attracting customers whose source of wealth and funds can be reasonably established to be legitimate.
Suspicious Transaction Reporting
We have implemented a robust system for reporting suspicious transactions to the Financial Information Unit, as required by law. Our staff are trained to identify and report any suspicious activities that may involve proceeds of an offense specified in law and regulations.
Wire Transfer
As part of our efforts to prevent money laundering, we conduct thorough due diligence on all wire transfer transactions. We ensure that all wire transfers are made with the proper documentation and authorization, and that they do not involve illegal activities.
FATCA Reporting
Himalayan Bank is committed to complying with the Foreign Accounts Tax Compliance Act (FATCA) requirements of the United States. We report all required information to the relevant authorities to ensure compliance with international regulations.
Definitions
For the purpose of this policy, a family member refers to a spouse, child, parent, sibling, or any other relative who is closely related to an individual.
We are also members of the Egmont Group, an informal network of 167 financial intelligence units (FIUs) that work together to combat money laundering and terrorist financing. As a member of the Egmont Group, we are committed to sharing information and best practices with other FIUs to prevent these illegal activities.
Modern Slavery and Human Trafficking
Himalayan Bank is committed to preventing modern slavery and human trafficking in any form and in any place. We will not tolerate any activities that involve forced labor, child labor, or other forms of exploitation.
Payable Through Account (PTA)
We do not provide payable through account facilities to our customers or correspondent partners. This ensures that all transactions are made directly with the bank and that we can properly monitor and report suspicious activities.
By implementing these policies and procedures, Himalayan Bank is committed to preventing money laundering and terrorist financing activities. We will continue to work closely with regulatory authorities and international organizations to ensure compliance with anti-money laundering regulations and to protect our customers and employees from potential risks associated with these illegal activities.