14th May 2025, Kathmandu
Sanima Reliance Life Insurance Limited recently held a special training session on anti-money laundering and countering the financing of terrorism (AML/CFT). The program focused on educating top-level officials about risks and regulatory requirements.
Sanima Reliance AML/CFT Training
The training was conducted as per Clause 17(a) of the “Directive on Prevention of Money Laundering and Terrorist Financing, 2081.” It took place at the Yak and Yeti Hotel, Kathmandu.
Targeted Participants from Senior Management
The training focused on high-ranking stakeholders. Participants included members of the Board of Directors, major shareholders, and department heads. The aim was to enhance their understanding of financial crime risks and the measures required to prevent them.
The company organized the program to strengthen its internal capacity and ensure compliance with Nepal’s laws and international norms.
Expert Guidance from Insurance Board Officials
Officials from the Insurance Regulatory Authority facilitated the training. Director Shambhu Raj Lamichhane and Deputy Director Sabita Thapa led the sessions. They shared key insights on money laundering risks in financial institutions and how to handle them.
They also provided detailed information about relevant laws, directives, and implementation practices. The sessions included real-world examples to show how money laundering can affect financial systems.
Discussion on Key Compliance Areas
The training covered multiple aspects of AML/CFT. Discussions included risk mitigation, internal control systems, operational procedures, and governance responsibilities.
Participants reviewed the requirements of the Money Laundering Prevention Act, 2064, and its associated rules. They also learned how to apply these rules in day-to-day business operations.
Experts emphasized the need for strong internal frameworks. They suggested having clear policies, sufficient resources, and skilled staff to manage AML/CFT responsibilities.
Focus on Accountability and Governance
A major part of the training highlighted the roles of board members and top management. They were reminded of their duties and accountability under the law.
The session also explained the importance of building an organizational culture that rejects financial crime. Trainers encouraged leaders to lead by example and ensure full compliance at all levels.
Chairman Kedia Highlights Global Best Practices
At the closing ceremony, Sanima Reliance Life Chairman Mr. Ratan Lal Kedia addressed the audience. He stressed the importance of learning from both national and international best practices.
According to him, the company aims to fulfill every legal obligation mentioned in Nepal’s AML/CFT laws. He stated that aligning with global standards not only protects the company but also strengthens public trust.
He expressed confidence that the training would help directors and management perform their roles more effectively.
CEO Pandey Reaffirms Commitment to Compliance
Chief Executive Officer Mr. Shivanath Pandey also spoke at the event. He discussed the seriousness of money laundering and terrorist financing threats in today’s world.
Mr. Pandey stated that the company remains committed to zero tolerance for financial crimes. He confirmed that every staff member, regardless of rank, will strictly follow the AML/CFT directive.
He added that the company will regularly update its policies and provide training to stay ahead of emerging risks.
Program Linked to AML Day Observance
The training was held in connection with the national observance of Anti-Money Laundering Day. The Government of Nepal has declared Magh 14 as the official day to mark AML/CFT awareness.
This observance aims to remind institutions of their responsibility to fight financial crime. The Money Laundering Prevention Act, first introduced in 2064 B.S., is the primary law addressing these issues in Nepal.
The government wants financial institutions to be more proactive in prevention and detection.
Conclusion: Sanima Reliance Leads by Example
Sanima Reliance Life Insurance has shown leadership by conducting this timely and focused training. By involving senior officials, the company sends a clear message that compliance starts from the top.
The session enhanced awareness, clarified roles, and boosted institutional readiness. It also reinforced the importance of good governance, ethical conduct, and risk management.
In today’s interconnected financial world, companies must stay alert and responsive. Sanima Reliance Life is taking the right steps to remain compliant, responsible, and trusted.
For more: Sanima Reliance AML/CFT Training