In Relation to Anti-Money Laundering and Anti-Terrorism Efforts, Central Bank Tightens Surveillance on Monetary Transactions

Nepal Rastra Bank has instructed commercial banks to submit detailed information on all financial transactions greater than Rs. 7,00,000 carried out by the banks' customers. This applies to financial transactions that took place in the first six months of this fiscal year, i.e. from Shrawan 01 to Poush 30.

The Money Laundering Surveillance Unit forwarded the instruction in relation to its anti-money laundering and anti-terrorism efforts. For each transaction worth Rs. 7 lakhs or higher, commercial banks are required to submit the details of the transactions.

The report should include the name of the account holder, account number, exact date, and monetary amount of transaction, among other details. Commercial banks have also been given a sub-heading to mention any additional remark if necessary.