SEBON issues new guideline on financial activities

KATHMANDU, FEBRUARY 21: The Securities Board of Nepal (SEBON) has issued new guidelines for participants in the securities market concerning financial activities, in accordance with Sub-rule (3) of Rule 69 of the Anti-Money Laundering (AML) Regulations, 2081 B.S.

According to the guidance released yesterday, the participants in the securities market are required to establish a regular and updated system to verify whether any individuals, groups, organizations, or their affiliates appear on the UN sanctions list. This list can be accessed on the Ministry of Home Affairs website of the Nepal government.

The participants must consistently cross-check this information against their transaction databases. If any assets or funds belonging to a listed individual, group, organization, or their affiliates are identified, those assets or funds must be frozen immediately.

Additionally, the participants are obligated to comply with regulations aimed at preventing financial investments in terrorist activities, as well as the development and proliferation of weapons of mass destruction