National Identity Card Mandatory for Opening Bank Accounts from Magh 1

Nepal Rastra Bank has issued a directive requiring banks and financial institutions to open accounts only based on the National Identity Card number starting Magh 1, 2081.

According to the circular, banks and financial institutions must ensure account openings are based on the details from the electronic records of the National Identity Card or its number. The directive states, "Banks and financial institutions shall, from Magh 1, 2081, verify details through access to the electronic records of the National Identity Card and mandatorily facilitate account openings based on the National Identity Card or its number."

Additionally, institutions are required to update the National Identity Card details for all accounts held by high-ranking individuals by Magh 1, 2081.

The rule applies to current or former high-ranking officials, high-ranking officials from neighboring or nearby countries, other foreign high-ranking individuals, and officials of international organizations. However, for government payments, such as social security benefits, accounts may be opened based on the details provided by the respective government authority.

Furthermore, banks have been instructed to verify the authenticity of mobile numbers provided by customers during account registration, ensuring that the number belongs to the individual registering it.

The directive also mandates banks to establish updated systems to regularly verify whether their transactions involve individuals, groups, or organizations listed by the Ministry of Home Affairs through various mediums.

If any listed individual, group, or organization, or any related person holds an account, locker, or other assets with the institution, the bank must immediately freeze those assets and notify the Financial Information Unit (FIU) under the Asset Laundering Prevention Supervision Department of Nepal Rastra Bank within three days.