Kathmandu. Nepal Insurance Authority, Madhes Province Office has organized a two-day interaction and discussion program on Money Laundering and Prevention of Terrorist Financing in Bardibas on April 21.
Shambha Raj Lamichhane, Director of Nepal Insurance Authority and Chief of Regulation Division, said that the role of the insurance sector is very important in the context of the effective implementation of AML CFT is essential to make the financial system safe, transparent and credible.
Director Lamichhane said that insurers can make significant contribution in controlling financial crimes through customer identification, risk assessment and timely identification and reporting of suspicious transactions.
Deputy Director of the Insurance Authority and Chief of the Money Laundering Prevention Section Padam Prasad Sodari said that the role of the insurance sector is very important to prevent money laundering and terrorist financing.
Chief of Nepal Insurance Authority, Madhesh Province Office, Arya Rawal expressed the belief that the program would contribute significantly to increase knowledge, experience sharing and bring uniformity in law enforcement related to money laundering.
In the program held on April 20 and 21 with the participation of the branch chiefs and underwriting staffs of the insurance company, the existing laws and regulations related to anti-money laundering, the directives issued by the authority, risk identification, proper identification of customers, identification of suspicious transactions and the process of submitting reports were discussed.
The program also covered legal obligations related to AML and CFT, institutional accountability, strengthening internal control systems and measures to ensure compliance.
The program was hosted by Sushma Thapa, Assistant Director of Nepal Insurance Authority, Madhesh Province Office and Mahesh Mandal, Assistant Director.
The program was attended by Assistant First Officer (I) of Nepal Insurance Authority, Madhesh Province Office, Nikesh Lal Karna, Section Chief of Insurance Company and underwriting staff.
