Kathmandu. Nepal Rastra Bank (NRB) has cancelled the licenses of two payment service providers after it was used as a means of asset purification.
Nepal Rastra Bank (NRB) has cancelled the licenses of Paywell Nepal Pvt Ltd and Sahaj Pay Payment Services Pvt Ltd. According to the decision of the Board of Directors of the bank, the license of these companies has been canceled as per the provisions of Section 35 of the Payment and Settlement Act, 2075.
According to the NRB, the licenses of these two companies have been cancelled after it was confirmed that they were deliberately involved in bringing and distributing money illegally from abroad.
The directors and representatives of both the companies were taken into custody and investigation was launched after both the transactions and transaction amounts of these two companies were found suspicious. During the investigation, it was revealed that the agents of the wallet were directly involved in loading money from one place in the wallet and paying from another place.
The business of both companies was linked to gold smuggling and hundi.
Paywell Nepal Pvt. Ltd. received the license from the Rastra Bank on October 11, 2017. Similarly, Sahaj Pay Payment Services got the license on April 17, 2019.
According to the bank, they violated various provisions of the Payment and Settlement Act 2075, Payment and Settlement Bye-laws 2077, Integrated Directive on Payment System 2081 and Prevention of Money Laundering Act 2064.
