Kathmandu. There is a provision that banks and financial institutions are required to conduct training on Asset Laundering and Terrorism Financing (AMF\/CFT) at least once a year for the board of directors. This provision has been made mandatory for all banks and financial institutions licensed by the Nepal Rastra Bank. <\/p>\n
The big commercial banks take it very seriously and provide residential facilities and participate in a two-day intensive training or orientation program for the board members. Some financial institutions have been limiting it to two to three hours orientation programs with the aim of putting a shadow in the eyes of the Rastra Bank. <\/p>\n
The main reason behind making such training and refreshment programs mandatory by the Rastra Bank is that the Board of Directors should be fully aware of the sensitive issues related to AML\/CFT while taking any policy decision and develop the capacity to take appropriate decisions. Apart from this, the management should understand the seriousness of the issues related to AML\/CFT in the work done by them. <\/p>\n
Clause 15 of the Directive on the Prevention of Money Laundering, Terrorist Acts and Weapons of Mass Destruction Financing Directive-2082 has made provision for the shareholders, board members and top management having one percent or more share ownership of the paid-up capital. <\/p>\n
Clause 15 of the Directive 2082 states that in the case of employees, the Efficiency Enhancement and Training Program, the Implementation Officer and other employees directly and regularly involved in the program of the AML\/CFT Department should be involved in the training program on AML\/CFT-related topics. <\/p>\n
The term ‘training has to be given’ has been used in this guideline. Which does not reflect the necessity. Apart from this, the authority guidelines are also silent regarding the time of training and the period between two trainings. That is, the authority has left this matter in the responsibility of the insurer. <\/p>\n
According to the press releases issued by the insurer, the news published, the website and the information available on social media, the training programs related to AML\/CFT are slightly more for the employees of the non-life insurer than for the employees of the life insurer. Even in the case of skill enhancement training, the non-life insurer seems to be more liberal than the life insurer.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. There is a provision that banks and financial institutions are required to conduct training on Asset Laundering and Terrorism Financing (AMF\/CFT) at least once a year for the board of directors. This provision has been made mandatory for all banks and financial institutions licensed by the Nepal Rastra Bank. The big commercial banks take […]<\/p>\n","protected":false},"author":5,"featured_media":216254,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45067,45159],"tags":[],"class_list":["post-320335","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-important-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/320335","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=320335"}],"version-history":[{"count":1,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/320335\/revisions"}],"predecessor-version":[{"id":320336,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/320335\/revisions\/320336"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/216254"}],"wp:attachment":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=320335"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=320335"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=320335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}