NRB tightens reporting by remittance companies
Summary
Nepal Rastra Bank has tightened reporting requirements for remittance companies and financial institutions, ordering them to submit daily transaction details within three days and monthly reports within seven days of month-end. The central bank also made it mandatory to report agent actions, foreign partner balances, Fedan rates, board changes, and quarterly and annual financial statements.
Key Points
- Nepal Rastra Bank has ordered remittance companies and remittance-linked financial institutions to submit daily transaction details within three days.
- Monthly reports on inward remittances, agent and sub-representative actions, country-wise transactions, and foreign partner balances must now be filed within seven days of month-end.
- The new system will use the FXOL reporting platform and includes reporting on Fedan rates and any changes to a company’s board of directors.
- Remittance companies must also submit provisional quarterly and annual financial statements within 15 days of the end of each period.
