goAML (Anti Money Laundering System) - Nepal

                                    goAML

 

Definitions

goAML – Financial Intelligence Unit Reporting Tool.
goAML is a standard application (software system) developed by the United Nations Office on Drugs and Crime (UNODC) for Financial Intelligence Units worldwide to counter Terrorist Financing and Money Laundering.

  UNODC: United Nations Office of Drugs and Crime

 

goAML

goAML – NBR Implementation

• Nepal Rastra Bank (NRB) has implemented goAML system for banks and financial institutions (BFIs).
• The system are  in operation from Magh 01, 2076.
• All BFIs are required to submit reports and statements from goAML medium.
• The primary goal behind goAML implementation is to identify Suspicious transactions and to control Money Laundering.
• The Financial Information Unit, an independent body headed by a central bank.

Objective of goAML

The primary objective of UNODC in developing  goAML is to enhance the capacity of countries to -

• Detect crime
• Money laundering and terrorist financing activity
• International standards on anti-money laundering and
• Terrorist financing.

 NRB directive Fines

If any commercial bank fails to report through the goAML software in the next 15 days-

• As per the NRB - central bank’s directive, Commercial banks are required to report suspicious transactions
• Transactions within three days from the date of transaction for >= Rs10 million threshold.
• Transactions above the government-mandated Rs1 million threshold within 15 days. 
• The central bank can fine them from Rs1 million to Rs50million.