National ID Number Mandatory To Open Bank Account From 1st Magh Nepal Rastra Bank has directed that bank accounts be opened only based on national identity card number from the upcoming 1st of Magh.
The provision was made through an amendment to the integrated directive issued by the Rastra Bank for banks and financial institutions.
“From 1 Magh 2081, banks and financial institutions must make arrangements to open accounts based on the national identity card or national identity card number by verifying the details of the national identity card or national identity card number based on access to the details in the electronic records of the national identity card,” the directive states.
The directive of the Nepal Rastra Bank states that banks and financial institutions can identify and verify customers by Rule 3 of the Anti-Money Laundering Regulations, 2081, based on access to the details in the electronic records of the customer’s Nepali citizenship certificate or national identity card.
The directive states that banks and financial institutions should open accounts based on the details provided by the concerned government agencies in cases where the Government of Nepal has to make government payments, including social security.
Before withdrawing money from such accounts, customer identification and verification must be done per the National Bank’s instructions.
Similarly, while identifying customers or updating customer details, banks must prioritize monitoring the identity and transactions of people involved in risky-related offences as pointed out in the National Risk Assessment and Mutual Evaluation Report 2023.
The National Risk Assessment and Mutual Evaluation Report 2023 identifies corruption, tax evasion, human trafficking and other risky related offences as the risk-related offences, and the accounts of casino or internet casino entrepreneurs, precious metals or commodity entrepreneurs, real estate purchase/sale entrepreneurs and cooperatives, and the identification of associated individuals and their transactions should be monitored with priority.
