Jan 09, Kathmandu- National identity card is being made mandatory for opening a bank account From Magh 1.

The Rastra Bank has made this provision by amending the integrated directive issued to banks and financial institutions.

The circular states, 'From 1st Magh 2081, banks and financial institutions will have to verify 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 and make arrangements to open accounts based on the national identity card or national identity card number.'

In addition, the organization has also made arrangements to update the details of the national identity card in the accounts of all high-ranking individuals by 1 Magh 2081.

This rule will apply to high-ranking individuals, whether in office or not, foreign high-ranking individuals from neighboring or nearby countries, other foreign high-ranking individuals, and high-ranking individuals from international organizations.

However, in cases where government payments, including social security, are due, banks and financial institutions can open accounts based on the details provided by the relevant government agency.

Similarly, banks have now been instructed to ensure that the mobile number details provided by the customer remain the same while maintaining customer identification.

Similarly, banks have also been instructed to establish a regularly updated system to verify whether they have transacted with the list of individuals, groups or organizations provided by the Ministry of Home Affairs through various means or any individuals, groups or organizations associated with them.

If an institution has an account, locker or any other amount of such a listed person, group or organization or a person associated with it, it must immediately freeze it and inform the Anti-Money Laundering Supervision Division of the Nepal Rastra Bank within three days.

A copy of such information must also be provided to the Financial Information Unit.