Download the pdf version of ANTI-MONEY LAUNDERING POLICY
of United Remit.
Money laundering is the attempt to conceal or disguise the nature, location, source, ownership, or
control of money. Money laundering involves three independent and often simultaneous steps:
In order to combat money laundering, laws and regulations have been formalized and
implemented in various countries. The rules and regulations in combating money laundering may
vary from country to country.
In Nepal, Legislature- Parliament has enacted asset (Money) Laundering Prevention act. Act No.
34 of the year 2008 (2064). The act shall be applicable throughout Nepal and to any individual or
corporate body, where may be residing, remitting, transferring or sending assets from Nepal to
abroad or abroad to Nepal obtained by the act which is offence under this act. The government of
Nepal may formulate necessary rules or implementation of this act.
As activities such as money laundering affects the image and reputation of United Remit and its
employees, it has become imperative for United Remit to develop and implement appropriate
policies and procedures on AML. For developing and designing the policies and procedures on
AML, following have been taken into account:
The main purpose of this policy is to avoid the movement of illicit money into the financial system
of the country. The following are the objectives of this policy manual.
We at United Remit are very cautious to prevent our services being used by launderers as a
means of money laundering. We have a strict policy of not doing business with money launderers
and other persons involved in criminal activities, United Remit does not allow money transfers
intended for gaming, gambling or illegal activity and makes a concerted effort to stop/ report such
transfers to the concerned authorities.
Keeping in view the global menace of Money Laundering and Terrorist Financing, United Remit is
stringently focusing on core compliance functions and KYC & AML Policies and Procedures.
United Remit has a written compliance program within its organization to ensure compliance with
government rules and regulations. We inculcate our AML policies & procedures to all our staffs
and agents and also provide training from time to time to control and combat money laundering
activities. Our Anti-Money Laundering policy and procedures are as follows:
The objective of KYC guidelines is to prevent United Remit and its agents from being used,
intentionally or unintentionally, by criminal elements for money laundering activities. KYC
procedures also enable us to know/understand our customers and their financial dealings better
which in turn help us manage our risks prudently.
We take additional precautions on transactions involving amount that cross the threshold
limit as per local rules. True copy of Original ID is being kept on record after due verification
Proper procedures have been set up for the staff to have effective control over the activities
We keep records of remittance transactions for a minimum period of 7 (seven) years.
Records provide the sufficient basic information on the customer and also able to
reconstruct the transaction if needed.
Staffs and agents have been trained on all matters pertaining to Money Laundering &
There is a proper reporting system in place both within the organization and to the
When documenting a customer’s photo ID, the Business will include the type of ID, the ID
number, and the issuer of the ID.