To combat money laundering and terrorist financing globally, the World Bank and Nepal Rastra Bank (NRB) collaborated to implement the goAML system. In this process, NRB directed Banking & Financial Institutions (BFI) to follow the NRB guidelines, monitor suspicious transactions and money laundering activities, and submit required reports. One significant challenge faced by the BFIs during implementation was related to the scattered and incomplete nature of the data. The manual reporting and processing time of the banks was also significantly prolonged due to the dispersed data. Another major issue that the BFIs faced was the absence of a national Anti-Money Laundering (AML)/ Combating the Financing of Terrorism (CFT) System in Nepal and the cost of acquiring an international System was muchmore expensive for the BFIs.
Digital ID: The Key to a Modern UK or a Threat to Our Freedom?
The debate around digital ID in the United Kingdom is intensifying. While some view it as an important step towards a modern and efficient society, others see it as a potential threat to privacy and individual freedom. The government’s proposed digital ID aims to simplify identity verification, reduce fraud and improve access to public services. Yet it also raises serious questions about data protection, inclusion and state control. Its success will depend on building trust through transparency, security by design and public engagement, ensuring that digital identity empowers citizens rather than limits them.
