Kathmandu. Kathmandu: Nepal Rastra Bank (NRB) has issued guidelines to the payment service providers (wallet companies) to identify individuals related to targeted financial restrictions. Nepal Rastra Bank (NRB) has made a provision to stop financial transactions if the person is identified by keeping the wallet company as an indicator after being included in the grey list of the Nepal Financial Action Task Force (FATF).

Nepal was placed on the grey list in February. According to the Prevention of Money Laundering Act 2064, the wallet company has been kept as an indicator company of money laundering. From now on, the wallet company will also have to freeze the wallet of the suspicious person within 24 hours. According to the FATF’s recommendation, Nepal looks at two lists for targeted financial sanctions. The first is the Unified Banned List of the United Nations and the second is Nepal’s own terrorist list.

Based on this, wallets will now have to stop transactions and ban financial services or money transfers. From now on, they will have to constantly look at the unified list of the United Nations and the list released by the Ministry of Home Affairs and stop such people and those dealing with them.

According to nrb guidelines, from now on, wallets will have to register and subscribe to the UNITED NATIONS list and turn on the notification. Similarly, rastra bank spokesperson Kiran Pandit said that the list of banned individuals or institutions should be updated by constantly visiting the targeted financial restriction portal of the Ministry of Home Affairs.