Compliance At Samsara Remit

At Samsara Remit Pvt. Ltd., we prioritize the fight against money laundering and comply with all relevant regulations and international standards. We actively cooperate with government agencies in Nepal and have established robust AML/CFT policies in line with the directives of the Central Bank of Nepal.

  • Samsara AML Programme/Policy
    • We acknowledge the significance of combating money laundering and adhering to global compliance requirements. We maintain complete cooperation with the Government of Nepal, the Central Bank of Nepal (NRB), the Department of Money Laundering Investigation (DMLI), and other relevant government agencies in their efforts to combat money laundering. Our AML/CFT policy is meticulously designed in accordance with the laws, Directives, Circulars, and Rules and Regulations set forth by the Nepal Rastra Bank. As responsible corporate citizens and financial institutions, we are committed to taking all necessary measures to ensure strict adherence to AML/CFT policies, as directed by the Central Bank of Nepal and in alignment with international standards.

      • Samsara AML/CFT Policies are aligned with directives of FIU, policies circulated by Central Bank and international compliance practices.
      • Policy focus
        • CDD & EDD
        • KYC, Identification of TTR & STR
        • Politically exposed Persons (PEPs)

  • Samsara CDD/EDD
          • Mandatory Customer Due Diligence (CDD) is completed for each transaction. Ensure paid to the right beneficiary.
          • While Customer Due Diligence (CDD) is done for every transaction, Enhanced Due Diligence (EDD) is done against transactions which questions verification of submitted documents, sets an alarm of origin country of remittance, frequency and size of transaction.
          • For such cases extra information and documents are sought from the beneficiary.
  • Samsara Remit KYC/TTR/STR
      • It is mandatory for all the beneficiary to fill up the KYC form or the payment voucher slip and verify for the AML and future references.
      • Any transactions exceeding the limits set by the Central Bank of Nepal i.e. 1Million NPR in a single day and by a single receiver is reported as Threshold transaction reporting.
      • Any suspicious transactions for i.e. having multiple sender-single receiver and vice versa, not only that but also the irrelevant Identification documents, no physical presence, not having proper source of income, purpose of remittance, huge volume of transactions in specific person, entity or account are reported as Suspicious Transaction Reporting.
      • Other Reporting Factors;- unusual/large transactions, structuring, unclear business purpose, inconsistent customer information, rapid fund movement, illegal activity involvement, and third-party transactions. Compliance officers refer to local regulations and internal policies for reporting requirements.

  • PEPs
      • Samsara receives lists of PEPs from Central Bank. Upon receiving these lists names are updated into our existing PEPs in our system.
      • Any transaction generated with PEP names are automatically detected. This transaction is then put into Compliance Hold and an auto Notification is sent to Compliance Unit.
  • Customer Risk Assessment - Cash Pick Up / Bank Deposit
    • Customer Risk is depending upon the customer and company relationship. Customer risk is detected by the segmentation that risk perceptions of the customer’s profile. It is conducted when the customer performs an action that provides no parallel to their profile.

      Customer risk Assessment is conducted by the various risk indicators.

      • Nature and size of business
      • Customer types
      • Types of products and services offered to customers,

      Bank Deposit: Bank Deposit transaction goes through multiple screening.

      Samsara System >> NCHL >> Bank

  • Samsara Screening Process
    • AUTOMATED

      • Each transaction received in Samsara System first passes through PEPs/Sanctioned Lists filtration
      • Whilst normal transactions filters through Samsara Payment portal; Prohibited Names, entities and businesses remain blocked.
      • Such transactions are then immediately reported to the Central Bank of Nepal (F.I.U Department).
      • Financial Information Unit (F.I.U.) is itself a Government Compliance of the Central Bank of Nepal, rest of the other actions will be conducted by the Central Bank of Nepal (F.I.U) Department.

      SANCTIONED LIST - UK

      Fed in Samsara System

  • Sanction Process
    • Step 1: Hold Status

      Step 2: Compliance Notification

      • Transaction automatically put on Compliance Hold and Compliance team notified for review. Such transaction is displayed on Operating System (OS) as Compliance Hold, in the meantime.
      • Compliance team also gets an automatic notification via email and SMS

      Step 3: Suspicious Hold List

      Step 4: FIU Reporting

      • Any transaction which falls under the category of Threshold or Suspicious is immediately reported to Central Bank of Nepal (Nepal Rastra Bank) F.I.U. Department via goAML (goaml.fiu.nrb.org.np/TST/Home). We must report to the FIU unit of the Central Bank. Example reporting bep@ssw0rd

  • NRB GOAML Reporting Structure
  • Flowchart Illustrating The Inward Remittance Procedure
  • Transaction Monitoring/Reporting (TTR /STR)
    • Every transaction exceeding the limits set by Central Bank of Nepal and any suspicious transaction has to be immediately reported to the Central Bank Financial Information Unit (FIU). When the inwarded transaction is getting monitored and if found suspicious or crossing the threshold amount it is then reported via “go AML” to the FIU Department. Go AML is a FIU department official reporting website where we have to report every TTR and STR logging into the site https://goaml.fiu.nrb.org.np/TST/Home

      Record Retention 

      We have Record Retention policy of about 6 years. Every updated KYC, Payment slips, and Account Deposited, Fund Transfer Documents are physically kept in the Record Files.

      Independent Audit / Assurance on AML 

      At Samsara Remit, we prioritize the highest standards of integrity and compliance. We hold ourselves to the strictest Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations, leaving no room for compromise. Additionally, to ensure transparency and accountability, we subject ourselves to an annual independent audit, reinforcing our commitment to maintaining the utmost trust and confidence of our valued customers.