Kathmandu. Nepal Rastra Bank (NRB) has also implemented a provision for insurance companies to provide information on suspicious and threshold transactions through the GoAML portal.
The financial information unit(FIU) under the central bank, which had earlier been requesting information about suspicious transactions or insured amounts from insurance companies on a fortnightly basis, has directed to provide details of transactions on a daily basis with effect from June 15. Earlier, Insurance companies have been providing fortnightly data on CDs and via email.
Most of the insurers have not used the GoAML software even though the insurance companies have been suggested to use GoAML software to provide information about the insured who pay Rs.1 lakh or above.
There is a provision that banks and financial institutions should regularly inform the FIU about the customers who transact Rs. 1 million or more at a time. However, there is a provision that the insurance company has to provide information about the insured who pays Rs. 1 lakh or more at a time.
Insurers have been dissatisfied with the issue of money laundering, especially for life insurance companies, when the access rate to insurance is very low.
The FIU and the Insurance Board have also asked the insurance company no to accept the premium of Rs 1 lakh or more as cash payment.
