NIA AML/CFT Training Program Concluded: Chairman Sharad Ojha Emphasizes Insurance Risk Control
24th June 2025, Kathmandu
The Nepal Insurance Authority (NIA) successfully concluded a two-day Capacity Enhancement Program on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) for AML/CFT implementation officers on Monday in Kathmandu.
NIA AML/CFT Training Program Concluded
The training aimed to enhance the understanding of existing AML laws, regulations, directives, and international standards, particularly those set by the Financial Action Task Force (FATF). Participants received comprehensive insights into legal frameworks, risk identification, and preventive measures to be adopted by insurance companies.
Emphasis On Internal Training And Unified Risk Assessment
Addressing the closing ceremony, NIA Chairman Sharad Ojha stressed the importance of internal training programs within insurance companies to raise awareness among employees at the branch and sub-branch levels regarding money laundering risks. He emphasized, “Risk assessment by insurance companies must be consistent. If one identifies a risk, others should too. This alignment helps prevent unhealthy competition and supports the long-term stability of the insurance sector.”
Ojha also urged insurance firms to proactively report suspicious activities to relevant authorities and empower their staff to identify potential risks effectively. “Let’s work collectively against money laundering, from the ground level up. This will help create a more organized and secure insurance ecosystem,” he said.
Strong Participation From Across The Insurance Sector
The training program saw the participation of 47 AML/CFT implementation officers representing a range of institutions, including life insurance companies, non-life insurance companies, micro-life and micro-non-life insurers, and reinsurance companies.
During the event, Chairman Ojha distributed certificates to the participants. Executive Director of NIA, Mr. Sushildev Subedi, encouraged the participants to apply the knowledge gained from the program in their respective workplaces, underlining its importance in improving regulatory compliance and institutional integrity.
The capacity-building initiative reflects the Nepal Insurance Authority’s ongoing commitment to strengthening the insurance sector’s defenses against financial crime, promoting transparency, and aligning with global AML/CFT best practices.
About NIA
The Nepal Insurance Authority (NIA) is the main regulator of Nepal’s insurance sector. It operates under the Ministry of Finance. Earlier known as Beema Samiti, it became NIA under the Insurance Act 2079 B.S.
NIA issues licenses and supervises insurance companies. It drafts policies, rules, and directives for life and non-life insurers. It also protects the rights of policyholders.
The Authority aims to build a fair and competitive insurance market. It works with national and international partners. Its headquarters are in Kupondole, Lalitpur, with six provincial offices across Nepal.
A board of directors leads NIA, chaired by a government-appointed official. Four departments handle regulation, supervision, HR, and licensing.
NIA currently regulates more than 35 insurance companies, including life, non-life, micro-insurance, and reinsurance firms. It enforces laws, updates standards, and ensures proper governance.
Overall, NIA promotes transparency, consumer protection, and sustainable growth in Nepal’s insurance industry.
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