NRB tightens noose on money dealers, casinos

Money transfer agencies, money changers and casinos have come under the purview of Nepal Rastra Bank (NRB)'s directive on money laundering that the central bank plans to enforce from Dec. 1 to control money laundering. When the directing comes into force these agencies will be liable to furnish information on persons who make unusual transactions to the Financial Information Unit (FIU) of the NRB.
The remittance and money transfer agencies will have to inform the bank about persons who transact Rs. 1 million or more in a day. Likewise, the money changers will have to provide information about the transaction of a person whose transacts Rs. 500,000 or more in a day. In case of casinos, the amount per person has been fixed at Rs. 300,000 or more.

The central bank has already implemented the directive on banks and financial institutions and land revenue offices beginning from Oct. 17. "We are also planning to enforce the directive in the areas of cooperatives, insurance companies and stock market," said Dharma Raj Sapkota, director at the legal department of NRB.

Likewise, these agencies are required to keep details of their customers and should send the details about the transactions beyond limitation. As per the NRB directive, if the money dealers find any suspicious transactions, then they have to inform the NRB-FIU immediately. They can make internal directive for this purpose too. Even the customers are required to give the information sought by these agencies. If these agencies fail to provide information as per the law, they are subject to punishment as per the money laundering prevention act.
Source:eKantipur