Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: The Securities Board of Nepal has issued new guidance for securities market participants on financial actions under sub-regulation (3) of Rule 69 of the Anti-Money Laundering Prevention Regulation, 2081.
The guidance requires market participants to verify if any transaction involves any person, group, or organization listed on the UN sanctions list published on the Ministry of Home Affairs website. Participants must also set up an updated system to regularly check transactions for any involvement of individuals or entities affiliated with those on the list.
If any asset or fund held by a market participant is found to belong to any listed entity or its affiliates, the guidance mandates that such assets or funds must be immediately frozen.
In addition, market participants are required to comply with rules to prevent financial investments in terrorist activities and in the manufacturing or proliferation of weapons of mass destruction. They must also report any suspicious financial information related to such activities to the relevant financial intelligence unit.
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