Co-ops and banks urged to update members' financial risk assessment
January 30, 2018 10:21 AM NPT
KATHMANDU, Jan 30: The government has directed the cooperatives and banks to maintain the particulars containing all information about their members.
The government issued the directive effective from Monday exactly 10 years after the Anti-Money Laundering Act was issued.
As per the government directives, the cooperatives and banks are required to update the risk assessment of their members at least once a year and at least once in two years for the members who are at medium risk and at least once in three years for members who are at minimum risk, for identifying their financial risk status, as determined in the related Act and Regulations.
The Department of Cooperatives gave this information at a press conference it organised on Monday.
Regarding their standing members, the cooperatives and banks have been asked to identify and keep record of assets in case of those at high risk within nine months and in case of others within April 13. They have also been directed not to provide membership and allow financial transactions until the bases of the identification of the members have been fulfilled, Department Registrar Keshav Prasad Regmi said.
This directive has been issued to the cooperatives and the banks with the approval of the Ministry of Cooperatives and Poverty Alleviation in exercise of the rights provided for in the Money Laundering in Cooperatives (Prevention) Act, 2064. RSS