· NID (National Id Card) or it's number mandatory from 2081 Magh 1st for new account and for all high-risk account opened before also.
· where the Government of Nepal has to make payments, including social security benefits, BFI must open accounts based on the details provided by the government agency. Before withdrawing funds from such accounts, KYC is must as per this directive.
· Identification documents is must if non account holder or non-business relationship performs transaction equal to or greater than 1 lac in foreign currency
· Purpose of deposit and identification doc is must for transaction equal or above 1 lac for non-account holder
· only KYC of account operator can be taken for government related entity, BFIs, Insurance Co., United Nations or its affiliated organizations, Embassy. Permanent Employee of Nepal Gov. can operate any government related account within official id card also.
· Local Consumer Committee (स्थानीय उपभोक्ता समिति) account can be opened with the letter from ward office or related government entity and KYC of account operator and committee officials
· Should confirm the mobile number is in the same name as of the account holder
· records of high-ranking persons must be kept for ten years after their retirement or release.
· Records related to the beneficial owner must be maintained for five years from the date of termination of the business relationship or transaction.
· Enhanced Customer Due Diligence, ECDD
· Customer Due diligence, CDD
·
Ongoing Due Diligence, ODD
· Separate form must be developed for accounts opened under the simplified customer identification procedure
· खोलौ बैंक खाता अभियान, २०७६ :
· simplified customer identification must be filled,
· any government id card bearing photo can be accepted.
· self-declaration stating that the customer does not have any other bank account must be obtained
· maximum annual transaction limit for accounts opened will be NPR 1 lac. If the transaction exceeds NPR 1 lac full KYC is must
· BFI can deposit Rs.100.00 in each such opened account from bank side.
· for remittance account > customer declaration that no remittance ac opened is must and only interest, remittance, fixed deposit, and government payments can be deposited or transferred to such account.
· KYC Update
· High Risk Account - once in year
· Immediately - No full KYC obtained, not matched transaction with customer profile and if banks think provided information are not true
·
Self-assessment or amend if necessary
for AML/ CFT policy of organization and report to nrb
on first quarter of every
FY
· TTR (Threshold Transaction Reporting) - Within 15 days of transaction
· cash deposit or cash withdrawal of NPR 1 million or more in a single transaction or multiple transactions within one day in any account
· Any electronic or other transfers of NPR 1 million or more, made in a single transaction or multiple transactions within one day, across Nepal's borders from any account
· Any foreign exchange transaction involving cash exchange of NPR 500,000 or more, whether in a single transaction or multiple transactions within one day
· TTR-Cash, TTR-Cross Border and TTR-FCY Exchange
· Any deposit equal or above Rs.10.00 lac mandatory disclose of source of fund is needed.
· Suspicious Transaction/ Activity Report – STR/ SAR {STR-PEP, STR-Trade Based Money Laundering - TBML, STR-High, STR-Medium, STR-Low} : Within 3 days
· If a customer is suspected of being involved in money laundering or terrorist activities, and they become aware of the suspicion during the identification process, the institution must halt the process. The suspicious transaction or activity must be reported to the Financial Information Unit (FIU)
· No business transaction to personal account. If done lodge STR
· Software used for reporting is goAML
· AML/ CFT department with Complaince Officer (employee of managerial level) must be formed
· Complaince officer must not be related to any High Risk Category Person
· Compliance officer or his/her family member any STR should be send by other staff
· Knowledge sharing program on this topic to be conducted to shareholder holding equal or above 2% of share, training to employee, training to Complaince department staff either on national or international level.
· Record to be maintained for 5 years for task done in the area of AML, CFT. And same shall be report through SIS within 2 months of FY end. Also should keep the record electronically
Closely monitor the transaction related to or person involved in like; corruption, tax evasion human trafficking, casino, internet casino business, high net worth metal or goods business, real estate business, co-operative accounts
Fine :
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