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KATHMANDU: Federation of Nepal Gold and Silver Dealers' Association (FENEGOSIDA) has provided training for gold and silver dealers affiliated with the federation on the operation and use of goAML software. The training was provided in collaboration with the Financial Intelligence Unit (FIU) of Nepal Rastra Bank.
FENEGOSIDA President Manik Ratna Shakya said that goAML software has been implemented in Nepal in the current situation where different types of new technologies are being used in the global market under the asset laundering campaign. He said that this kind of software is being used in different countries with the aim of helping to discourage financial investment in money laundering and terrorist activities.
Businesspersons from various provinces and districts across the country participated in the training programme.
At the programme, the participants were informed about the goAML software, its requirements and the responsibilities of businesspersons. During the training, NRB's FIU head Keshav Prasad Rimal informed about goAML software and its requirements.
FIU's IT expert Deepak Parajuli trained the gold and silver traders on the usage of goAML software.
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According to Parajuli, the businesspersons who deal with gold and silver worth Rs 1 million or more at a time should fill in the details through goAML software. That information reaches the FIU. Based on that, if there is a suspicious transaction, the central bank will conduct further investigations and make recommendations to the relevant agencies for investigation.
Federation's Immediate Past President Mohan Kumar Sunar, Senior Vice President Arjun Rasaili, Secretary General Dharma Sundar Bajracharya and other businesspersons from various provinces and districts participated in the programme coordinated by FENEGOSIDA Vice President Diyesh Ratna Shakya.
The goAML application is the United Nations Office on Drugs and Crime (UNODC) Software Products for Member States' response to money laundering and terrorist financing, and is available to FIUs of Member States to support their work.
In the case of Nepal, goAML is fully implemented in A, B and C class banks and financial institutions (BFIs). FIU-Nepal has planned to integrate other major Reporting Entities (REs) such as insurance companies, securities companies, remittance companies etc. in goAML gradually.
goAML software helps in the online receipt of Suspicious Activity Reports (SARs), Suspicious Transaction Reports (STRs) and Threshold Transaction Reports (TTRs) from the Reporting Entities (REs) and the analysis of such reports.
