Rastra Bank makes GO AML live for banks and financial institutions; Software introduced to curb money laundering

Nepal Rastra Bank (NRB) has implemented GO AML system for banks and financial institutions (BFIs). The system will be in operation from Magh 01, 2076 (Today). Thus from now on, all BFIs are required to submit reports and statements from GO AML medium.

The system has been made mandatory for commercial banks from today however for development banks and finance companies a grace period is given. They will also have to mandatorily implement GO AML from Shrawan 01, 2077.

The prime goal behind GO AML implementation is to identify suspicious transactions and to control money laundering. The software analyses credit, deposits, and various transactions report to track unusual occurring.

All the BFIs will have a financial unit software that will be linked to GO AML. Then, the BFIs will fill the reports in that financial unit which will then go to NRB.