Kathmandu. AML Nepal has conducted a knowledge enhancement program on anti-money laundering, countering terrorist financing and related compliance regimes at Employees Provident Fund (EPF), Nepal’s largest non-banking financial institution and long-term fund mobilization.
The event focuses on the importance of corporate governance, risk management and effective AML÷CFT compliance, in the context that EPF has been playing an important role in Nepal’s financial system by mobilizing a large amount of long-term savings and funds.
AML Nepal’s experts Shreedhar Adhikari, Advocate Selina Adhikari and CA Lekhnath Pokharel made expert presentations and interactive sessions on various topics.
The session dwelt on international practices related to money laundering and terrorist financing, Nepal’s legal and regulatory framework, AML/CFT directives applicable to non-banking financial institutions, risk-based compliance system, customer identification process, identification and verification of source of customers, continuous monitoring, suspicious transaction detection and reporting system, among others.
In the program, practical aspects of identifying, managing and complying with AML risk were discussed especially from the source side and investment side of EPF. The presentation also covered the transparency of financial resources of clients and contributors, risk assessment in investment decision-making, beneficiary identification, corporate governance and regulatory expectations.
During the program, the participants actively participated in the practical challenges of AML÷CFT implementation, regulatory expectations, and ways to make the institutional system more effective, and shared their experiences, inquiries and suggestions.
In order to make Nepal’s financial system more secure, transparent, and conforming to international standards, AML Nepal has been collaborating with government agencies, financial institutions and other stakeholders to conduct capacity-building, training, and knowledge exchange programs related to AML÷CFT.
