WHY IS THERE A NEED FOR A COMPREHENSIVE KYC PROGRAM?
financial crime risk in Nepal
According to the Basel Anti Money Laundering Index, Nepal is the second most vulnerable country in South Asia in terms of money laundering risks.
Nepal also currently ranks 120 out of 160 countries in the Transparency International Index.
US Department of State in its annual report titled “Country Reports on Terrorism 2015” has expressed concern that terrorists might use informal money transfer systems such as hundi and hawala–rampant in Nepal–for money laundering and terrorism financing.
the Cost of financial crime
Financial Crime costs $ 2.1 Trillion to the world economy. Since 2006, $ 26 billion worth of fines relating to Financial Crime have been paid by 10 major global banks. Operation closures have occured in 16 countries due to the lack of proper Financial Crime oversight.
Financial Crime Compliance in Nepal
According to reports, “55 percent banks currently rely on manual processes to identify suspicious money laundering or terror financing activities, which include reporting by front-line staff, manual reviews or tip-offs from intelligence agencies.
Only 39% banks have an automated system or software solution that allows automated identification and monitoring of suspicious money laundering or terror financing activities and over 50% banks fail to assess money laundering-risks-properly”.
EVENTS & ACTIVITIES
AML in Nepal
Nepal is at the precipice. Despite having criminalized money laundering as per the Asset (Money) laundering Prevention Act 2008, Nepal still faces a steep learning curve when it comes to financial crime risk management.
Financial Crime Risk Management
KYC Nepal’s event that marked the beginning of several great ventures took place on 9th March 2017 at Hotel Annapurna, Kathmandu, Nepal. An invitation was extended to the CEOs and Compliance Heads from the Commercial
4th AML Summit 2019
The 4th Annual Summit on Anti-Money Laundering 2019 organized by National Banking Institute (NBI) in association with Fintelekt and KYC Nepal as Title Sponsor was held on 1st February 2019 at Hotel Radisson, Kathmandu.
We are absolutely elated to announce our first collaboration and agreement with Agricultural Development Bank Limited for the installation Online KYC, Screening and Customer Onboarding Application. This is a stepping ..