Compliance

• 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.

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.

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.

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 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 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.