Our alignment with global regulatory standards enables us to safeguard the financial system and reinforce the trust our customers place in us. Our ongoing commitment to compliance ensures a secure and reliable remittance service, protecting both our clients and the broader financial ecosystem from illicit activities.
At Samsara Remit, we prioritize the safety and security of every transaction. As part of our commitment to regulatory compliance, Mandatory Customer Due Diligence (CDD) is conducted for each and every transaction to ensure that funds are paid to the correct beneficiary. We also conduct risk assessments on a frequent basis to identify potential bribery and corruption risks and take appropriate measures to mitigate those risks.
It is mandatory for all beneficiaries to complete the KYC form or payment voucher slip for verification purposes, ensuring compliance with AML regulations and maintaining accurate records for future reference. Suspicious transactions, such as multiple senders to a single receiver (or vice versa), the use of irrelevant identification documents, absence of physical presence, lack of a verifiable source of income, unclear purpose of remittance, or an unusually high volume of transactions linked to a specific individual, entity, or account, are flagged and reported as Suspicious Transaction Reports (STR).
Other factors that may lead to reporting include unusually large transactions, attempts to structure payments, unclear business reasons, inconsistent customer details, rapid fund movement, possible involvement in illegal activities, and third-party transactions. Compliance officers follow local governmental laws and internal rules to meet all reporting requirements.
Our approach involves the effective implementation of AML-CFT policies, in strict accordance with both national and international regulatory guidelines. We ensure full compliance with the directives of the Central Bank of Nepal (Nepal Rastra Bank) as well as global standards set by regulatory bodies such as the Financial Action Task Force (FATF) and Anti-Bribery and Corruption (ABC) Policy to ensures that our operations remain transparent and legally sound.
This commitment to compliance underlines our role as a trusted and responsible entity in the global remittance landscape.
Our board undertakes periodic assessments and revisions of the AML/CFT policy, with evaluations at least once every three months. These reviews include discussions on compliance matters, the assessment of Suspicious Transaction Reports (STRs), and Transaction Trend Reports (TTRs) filed with the Central Bank, ensuring alignment with regulatory requirements.
The Compliance Officer arranges thorough AML/CFT training for agents as required, using both online and in-person methods. Office staff are trained at least every six months to improve their knowledge of current regulations and reinforce best practices.