Nepal Rastra Bank has introduced stricter reporting obligations for money transfer businesses and associated financial institutions operating within the sector. Under the updated regulatory framework, these entities must submit daily transfer records to the central banking institution within a three-day timeframe from the date of the activity. Alongside the daily logs, affected organisations are required to deliver monthly accounts within seven days following the close of each month. Provisional financial statements covering quarterly and annual periods must also be handed over within 15 days of the respective periods ending, according to the central bank's directive. The central bank is implementing this new reporting system to further streamline the submission of transaction details by companies engaged in money transfers. The upcoming arrangements are scheduled to come into effect starting from mid-October, formalising the new oversight procedures for all concerned financial entities.
NRB tightens reporting rules for remittance companies
Financial institutions handling money transfers must now provide daily transaction data to the central bank within three days.
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In short
- Nepal Rastra Bank introduced stricter reporting rules for remittance companies.
- Daily transaction details must be submitted to the central bank within three days.
- Quarterly and annual financial statements are due within 15 days of the period end.
From public sources and the WeNepal research team
https://wenepal.com/article/nrb-tightens-reporting-rules-for-remittance-companies-20261007
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