Nepal Bankers’ Association (NBA), in collaboration with Financial Intelligence Unit (FIU) Nepal, successfully organized a program on recent amendments to the goAML Operational Guidelines and enhancing compliance standards for reporting entities. The main objective of the program was to bring together key stakeholders to discuss on recent changes on goAML system and strengthening reporting mechanisms in line with regulatory requirements.
Setting the tone for the program, NBA Executive Director, Mr. Anil Sharma, welcomed all representatives and extended his gratitude to FIU Nepal, UNODC delegates and all participants for their presence. He encouraged participants to actively engage with experts and take full advantage of the platform to clarify concerns regarding compliance and reporting procedures.
During the program, FIU Nepal Head, Mr. Bashu Dev Bhattarai, provided an overview of the recent amendments to the goAML Operational Guidelines and highlighted the necessary improvements in compliance practices. He emphasized the importance of enhanced reporting mechanisms and stronger financial monitoring to combat financial crimes in the evolving digital landscape. Furthermore, he noted that the new developments in goAML would help reduce the workload for banking officials, streamlining reporting processes and improving efficiency.
A key session of the program was led by Mr. Ameen Safadi, Product Manager at the United Nations Office on Drugs and Crime (UNODC). With extensive experience in implementing goAML systems worldwide, he delivered critical insights on goAML best practices and the latest enhancements in goAML system. His presentation focused on the latest version of the goAML system, introducing new features and enhancements that improve reporting accuracy and efficiency. He explained how the system functions, the need for its advanced version, and the importance of using the correct reporting format. He stressed that only when financial institutions input data in the correct format can the system generate optimal results.
The program was attended by more than 75 participants including representatives from commercial banks, development banks, finance companies, insurance companies, and Infrastructure Development Bank.
