January 17: All 27 commercial banks have brought into use the goAML software, which can detect suspicious transaction and monitors the details of the bank customers.
Nepal Rastra Bank had instructed the commercial banks to use this software from January 15 to comply with the Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Strategy and Work Plan adopted by the government six months ago.
Issuing a press statement, the central bank on Thursday (January 16) confirmed that the commercial banks have started using the goAML Production Environment System in line with its directive issued on December 24 to the commercial banks to submit their reports to the central bank through electronic medium.
The central bank said the move was aimed at making its anti-money laundering drive more effective.
Nepal Rastra Bank expressed its belief that the new system would help identify suspicious customers with ease.
The central bank has asked BFIs to inform it about suspicious transactions and activities through electronic medium.
“BFIs will have to update the detailed information of their customers through electronic medium,” NRB’s executive director at Regulation Department Dev Kumar Dhakal had told New Business Age in December.
According to Dhakal, suspicious transaction and activities will be updated in the core banking system of NRB.
The goAML is an international-standard software developed by UNODC to store integrated data.