ANTI MONEY LAUNDERING (AML)

Money Laundering has emerged as an alarming financial crime in the giobal economy. Hence, the fight against money laundering has become imperative {'or the global flnancial systems. In this context, the fight against money laundeling is a priority fbr IPav Renrit. So, as to prevent such criminal activities, thereby protecting the financial iristitution and to entire financial systems from the potential risk posed by sr,rch financial climes.

We understand that the fight against money laundering is a team effort. Adl-ierence to "Anti Money Laundering Policy" is essential for the safety and ethical standards of the institutional operations. We are committed to preventing ourselves flom being used fbr criminal purposes. We are always ready to extend cooperation to regulators, prosecntors and other Government Authorities to stop banking chaunel 1'rom being r-rsecl tbr illicit activities. Our policy is to conduct business in comp)iancc with all applicable laws and regulation and stop criminals fiom using our prodr-rcts and services fbr the purpose o1 money laundering.

IPay Remit is committed to cornbat money laur-rderir-rg. The Management i.i,ill activelv investigate lbr suspicior-rs activities. Transfers of funds fror-n abroad in convertiblc currencies as per rules regulated by Nepal Rastrzr Bank (Central Bar.rli of Nepal). Howevet, if transfer of fund fiom abroad by a customer is frecluent and appropriate. economic sense cannot be established, it should be irrforrred to the Opelations Nzlanager and if deemed necessary the Operation Manager in tum should ir-rvestigate tl-ie reasons lor such transfers (withor,rt bringing the ir:rvestigation to thc custon'rer's rTotice). ancl i1'fbund sr:spicious, the matter sI-ror-rld be referred to seniol nrauagcment lerrel. I he Senior Management, with assistance of the Compliance ancl Clor-rcun'ent Audits. shall clo the needful. A11 supporting evitlence for the suspicious activitl,'r,vill be ntaintaincd lor a minimum of five (5) years. ancl will be securely stored. 'fhe Senior Management r,vill report to the Board of Directors about the number of sLrspicious activity filed each nrontlr. along with a brief summary as to dollar anrount of the sr-rspicious activities and r,r,hv thcv were deemed that way.

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