Transactions Should be Made via GoML Software Even in Cooperatives

GoML Software

14 Janaury 2021, Kathmandu

Cooperatives dealing with savings and loans with deposits or capital of more than Rs 100 million. Now have to report to the National Bank through the Anti-Money Laundering System GoML software.

The Cooperatives Department has advised the company to conduct business through software from 2078 BS. The Department has claimed that cooperative transactions would be more transparent and systematic.

The transaction of more than one lakh rupee can be seen in the NRB via the GoML software.

Cooperatives running more than 100 million deposits, savings, and loans from 2078 BS would have to send a list with the name, address, registration number, and transaction details to the Department of Cooperatives and the NRB Financial Information Unit.

The Department has instructed all cooperatives to give the name, email, and mobile number of the AML-GFT implementation officer to the Cooperatives and Financial Information Unit.

Furthermore, the registrar of the department, Dr. Tokaraj Pandey, said, “Working on GOML software improves the financial condition of the cooperative. Not only the administration of the cooperative. Also, it will have a positive impact on the economic system. And it will strengthen the cooperative.”

According to the department, the business of cooperatives has increased recently. The number of cooperatives with a deposit or capital of more than Rs 100 million is more than five thousand.

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