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.
The Card Payments Industry at a Transformative Crossroads
Our latest insight highlights the key challenges shaping the future of the card payments industry. Those who do not keep pace with change will face significant obstacles ahead in sustaining their business.
