NIA instructs insurers to comply with anti-money laundering rules for large financial transactions
Summary
Nepal Insurance Authority directs insurers to comply with new anti-money laundering rules for large insurance transactions to prevent financial crimes and support Nepal's efforts to exit the FATF grey list.
Key Points
- Nepal Insurance Authority (NIA) has issued new directives for insurers to comply with anti-money laundering (AML) guidelines for large financial transactions.
- Non-life insurers must report policies with annual premiums of Rs 300,000 or more, while life insurers must report those with premiums Rs 100,000 or more.
- Insurers must report loans over Rs 10 million taken against policies and claim settlements exceeding Rs 10 million.
- The directive aims to prevent money laundering, terrorist financing, and weapons funding, and supports Nepal's aim to exit the FATF grey list.
