‘Financial crime risks must be mitigated by banks’Standard Chartered Bank and Nepal Rastra Bank jointly held a correspondent banking academy workshop in the Capital, on Monday.
Standard Chartered Bank and Nepal Rastra Bank jointly held a correspondent banking academy workshop in the Capital, on Monday. The workshop was attended by members of Nepal’s financial sector. Deputy Governor of the Nepal Rastra Bank (NRB), Shiba Raj Shrestha inaugurated the workshop.
The objective of the Financial Crime Compliance (FCC) senior management workshop was to prepare organisations’ most senior leadership for when they discuss financial crime risks and responses with third parties. The workshop dealt with issues and updates in the field of emerging risks leading from financial crime and to create awareness around compliance and best practices for mitigation of potential risks.
In depth discussions such as the prevention of money laundering and how banks are likely to be used as a conduit for funding terrorist activities were held.
Chiranjibi Nepal, governor of NRB delivered the concluding note by highlighting the importance of banks in mitigating the risks posed by financial crime in today’s world.
A day-long session was also held prior to the workshop which was concluded by Devendra Gautam, deputy director of FIU NRB. He thanked Standard Chartered for taking the initiative and expressed his views that such actions would help Nepali banks to understand and migrate some of the best international practices in their fight against financial crime.