Summary
This document is a guide on the Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations in Nepal, specifically focusing on the requirements outlined in the Asset (Money) Laundering Prevention Act of 2008. It details the necessary measures for identity verification procedures as mandated by the Nepalese regulatory framework. The guide emphasizes the importance of compliance with due diligence requirements, including customer identification and verification processes. It also defines key terms related to AML and KYC, such as Enhanced Due Diligence (EDD) and Politically Exposed Persons (PEPs). Furthermore, the document outlines the documents required for identity and address verification, the timing of verification, and the responsibilities of clients in maintaining compliance. The guide serves as a reference point for organizations seeking to implement effective AML and KYC practices in accordance with Nepalese laws.
