Kathmandu. Nepal Rastra Bank (NRB) has become even more stringent in dealing with suspicious transactions. The central bank has amended its guidance on suspicious transactions.
Nepal Rastra Bank (NRB) has updated its Suspicious Transactions and Activities (STR÷SAR) guidelines. According to the Prevention of Money Laundering Act, 2064, the guidelines have been amended to provide practical guidance to the indicator institutions regarding identifying suspicious transactions and activities to be submitted to the units.
Here are the amendments to the guideline
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The red flags related to suspicious transactions and activities are divided into three types: ordinary, index organization type and related crime.
Red flags have been added to the following areas in the updated guideline:
Use of new AI and technology
Similarly, red flags have been added to the following areas for special areas:
Hire Purchase Company
Automobile Selling Company
Also, red flags have been added to the updated guidelines according to the offense.
The guidelines also include details to be submitted to the STR/SAR, the time to be submitted and the process of submission.
The updated guidelines are expected to enhance the quality of the STR÷ SAR submitted by the index institutions and help in the identification and investigation of related offences and the prevention of money laundering. The full details of the guidelines have already been disseminated to the organizations by broadcasting through the GOML system operated by the unit.
