SEBON reminds share market stakeholders about enforcement of Anti Money Laundering Directives 2076 from upcoming Shrawan 1; culprits to be slapped with upto Rs 5 crore fine and rigorous imprisonment

Securities Board of Nepal has reminded the share market and its stakeholders about the recently formulated and enforced Anti Money Laundering Directives 2076. The new directives will come into effect from Shrawan 1, 2076 which will have following provisions:

• The registered company will have to fully follow the established rules and legal practices.
• The registered body will need to fully cooperate with investigating agencies conducting investigations in money laundering cases.
• The registered company will need to maintain complete and truthful information about its  customers as well as high level officials.
• The registered company will need to have provision for good record keeping of the details of its customers and will need to maintain extra vigilance in terms of its suspicious customers.
• The company will also need to regularly update the details of its customers and the identity documents have to be verified regularly and carefully.
• The company will need to verify the authentic identity of the owner of other business when building a relationship and  dealing with them.
• The company will need to inform the finance regulation authorities in case any of its customer performs suspicious transaction or performs transactions multiple times in a single day or transaction above Rs 10 lakh on a single day.
• The entities and their employees who fail to follow the spirit of the Money Laundering Directives will be punished as per the established legal provision that may include upto Rs 5 crore fine and jail imprisonment.