KATHMANDU, Feb 21: The Nepal Securities Board (SEBON) has issued guidelines on financial sanctions, instructing securities market participants to comply with anti-money laundering regulations. The board formulated these guidelines under Rule 69(3) of the Asset Laundering (Money Laundering) Prevention Regulations, 2081 BS.
The guidelines direct securities market participants to verify whether any individuals, groups, or organizations sanctioned by the United Nations as listed on Nepal’s Ministry of Home Affairs website are engaged in transactions. Participants must also establish an updated system to regularly track such entities in securities transaction records.
Sebon brings new anti-money laundering guidelines for securitie...
SEBON has instructed market participants to freeze any assets or funds belonging to or linked with sanctioned individuals, groups, or organizations.
Additionally, the guidelines require participants to prevent financial investments in terrorist activities and the development or proliferation of weapons of mass destruction (WMDs).
SEBON has also mandated reporting suspicious individuals involved in terrorist activities or WMD proliferation financing to the Financial Information Unit (FIU).
