Kathmandu. Nepal Rastra Bank (NRB) has issued strict directives to the payment service providers.
The central bank has brought more stringent provisions by amending the integrated directive issued in the name of the institutions (other than banks and financial institutions) related to payments. In the revised directive, some provisions have been added to the criteria related to the measurement of suitability of the organization.
Now, in connection with the financial illegal earnings of the real owner or beneficiary of the institution directly or indirectly owning, controlling or participating in the operation, management and activities of the institution, the organization has to submit the following details to the Payment Systems Department of the Central Bank:
- Self-declaration of compliance with the standards in accordance with the prevailing laws relating to the relevant business.
- Name, surname, address, family details, details of the real owner and beneficiary of the concerned person.
- Declaration of whether or not he has been involved in any crime in Nepal or abroad and, if so, detailed details thereof and current status.
- A statement of information in writing about any kind of litigation, investigation, alternative dispute resolution process or judicial or administrative proceedings.
- Details of the revenue to be paid, the revenue to be paid, whether there are any government dues or not, as per the judgment or order of the court or competent authority.
- Details of whether or not you have been blacklisted for loans in Nepal or abroad.
- Details of whether there exists a situation of conflict of interest in Nepal and abroad.
- Declaration that the concerned person is a citizen of Nepal, whether he or she has any property outside Nepal or whether he is the real owner or beneficiary of any property.
- Details of work experience in the related field, including past involvement, organization, responsibilities received, awards, punishment status, examples of work success, etc.
The above details should be submitted in the following cases
- Investing or buying shares or capital worth more than 5% of the paid-up capital or more than Rs. 50 lakhs.
- When appointed or nominated to a director or a senior managerial position or level of the indicative organization.
- 5% or actual owner or beneficiary in shares or capital of more than Rs. 25 lakhs.
In the case of a person who is in place at the time of the commencement of the criteria prescribed through the amended directive, the mentioned details will have to be submitted to the Department.
