Kathmandu, June 23 : The Securities Board of Nepal (Sebon) has come up with a new guidelines on anti-money laundering that is mainly focused on implementing the Asset (Money) Laundering Prevention Act, 2008 and preventing the money and asset laundering and financing of terrorist activities through the abuse of the securities and commodity market.
The new guidelines list out five dozen transactions of companies in the securities and commodities market that should be notified to the Financial Information Unit (FIU) of the Nepal Rastra Bank (NRB) as doubtful transactions.
The companies licensed by the capital market regulator such as stock brokerage firms, merchant bankers and stock and commodity exchange company shall flag any suspicious transaction to the FIU for further investigation, according to it.
It states that any transaction that seems unusual in terms of size, value, nature, and source, should be reported.
In addition to the suspicious transaction reports, these reporting agencies also need to send each transaction report to the FIU above the value of Rs 1 million.
Reporting entities in the securities and commodities market shall categorize their clients under high-risk, risk and general risk for further scrutiny and reporting of their transactions, according to the new directives.
