14th June 2025, Kathmandu
Citizen Life Insurance Company organized a special orientation on Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT). The event took place on Jestha 30(June 13) at the company’s head office in Thapathali, Kathmandu.
Citizen Life Insurance AML/CFT Compliance
The program brought together key stakeholders. The Board of Directors, founding investors, and senior management attended in person. All concerned employees from various departments also joined the session.
At the same time, branch managers and province heads from outside the Kathmandu Valley participated online. This ensured a nationwide presence.
Regulators Lead The Session
Officials from the Nepal Insurance Authority led the technical sessions.
Director Shambhuraj Lamichhane and
Deputy Director Padam Prasad Sodari gave detailed presentations.
They explained legal procedures, reporting standards, and risks related to money laundering and terrorist financing. Their insights helped clarify regulatory expectations for insurance companies.
In-House Coordination And Hosting
Bidur Bahadur Bhujel, the company’s Legal, Compliance, and Risk Management Officer, managed the event. He introduced the training goals and ensured smooth execution. His leadership reinforced the company’s commitment to AML/CFT compliance.
Training Covered Key AML Topics
The orientation focused on practical compliance areas. Employees were instructed to:
Collect and maintain records of clients’ income sources and assets
Regularly update Know Your Customer (KYC) forms
Recognize and prevent money laundering through insurance products
Understand the steps to detect and report suspicious transactions
These practices help reduce illegal use of the insurance system for converting black money into white.
CEO Shares Nationwide Strategy
The company regularly runs such AML/CFT programs. CEO Poshak Raj Paudel addressed employees based outside Kathmandu. He used digital platforms to explain the importance of AML compliance in insurance.
Mr. Paudel stressed that every staff member plays a role in ensuring ethical business. He discussed the operational impact of AML/CFT regulations. According to him, well-informed employees lead to stronger governance.
He also announced the company’s plan to expand these programs across Nepal. Future sessions will include regional teams and insurance agents as well.
Supporting A Transparent Insurance Sector
Citizen Life sees AML/CFT efforts as part of its responsibility. The company aligns with national strategies promoted by the Nepal Insurance Authority and the Financial Information Unit (FIU) under Nepal Rastra Bank.
Such training supports a clean and accountable financial system. It also helps prevent financial crimes and ensures customer trust.
By strengthening internal compliance, Citizen Life aims to provide secure and trustworthy services. The company also wants to support broader financial reforms in Nepal’s insurance industry.
Looking Ahead
The success of this orientation reflects Citizen Life’s focus on governance, integrity, and staff development. The management team views AML/CFT awareness as essential to long-term business sustainability.
More training sessions are expected soon. These will continue to address new threats and improve regulatory coordination.
For more: Citizen Life Insurance AML/CFT Compliance