AML-CFT
KAROBAR CORRESPONDENT
Thursday, Jan 25, 2018
1435

Anti Money Laundering (AML) laws key to keep the financial system clean, according to the bankers.
Addressing the third episode of annual Anti Money Laundering (AML) conference in Kathmandu on Thursday, organized by National Banking Institute (NBI), Nepal Bankers Association (NBA) president Gyanendra Dhungana pointed out the significance of AML as a global initiation that needs to be taken care of in the well being of financial system and economy of the country.
Likewise, Sirish Pathak, the managing Director of Fintelekt, expressed his opinion that AML is matter of Global concern and in the days to come AML compliance will only be made more stringent by the concerned regulators. He also suggested having a Joint Compliance Committee to be fully compliant with AML to benefit the industry
Ramu Paudel, director of Financial Information Unit (FIU) highlighted that Money Laundering is a global issue and the banking community as a whole needs to have a prudent reporting system in place for AML.
Upendra Paudel, Board of Director (BoD) of National Banking Institute stressed that the banking professionals must bridge the knowledge gap with regard to AML/CFT.
Further, chief executive of of National Banking Institute Sanjib Subba stated that AML is affecting every level of banking activities and cautioned that it is high time for BFI's to have technological intervention to combat money laundering and financing of terrorism.
Ravi Lahoti, Principal Officer and Head AML, HDFC Bank, India was one of the key speakers who highlighted on Decoding red flag indicators and identifying suspicious patterns.
Rohit Kaul, Risk Specialist-South Asia, Thomson Reuters, Prashant Muddu, MD and CEO, Jocata Financial Advisory, Piyush Chawla, Head of Sales, South Asia, Accuity and Hari Kumar Nepal Deputy Director, NRB, Currently at AML Cell were among the other key speakers for the day who also presented on various topics related to AML and prudent practices to overcome such issues.
Further, the presentation was followed by panel discussion, where Narayan Prasad Paudel, from Regulation Dept NRB, Ramu Paudel, FIU (NRB), Pushkar Karki, DIG CIB Nepal, Parshuram Kunwar Chhetri, CEO Janata Bank and Jeevan Prakash Sitaula, Director General at the Department of Money Laundering Investigation discussed and opined on various aspects of AML risk and vulnerabilities.
Over 150 banking professionals from throughout Nepal attended the summit.