The country received the inward remittance of about Rs 550 billion in In FY 071/72 only, which is about 20% on the total GDP of the country. Notably, Nepal is ranked in the 7th Position in terms of remittance's contribution in the GDP.
Whilst the inward remittance is contributing significantly in the economy and enabling to uplift the life standard of people and supporting BFIs to increase FCY trading / revaluation gain and fee income, many operational risk events are also taking place along with increase in remittance business.
More importantly, the BFIs are exposed to Foreign Exchange risks while carrying out outward remittance transactions and there always remains the threat of BFIs being used as medium to clean the illegally earned money through remittance transactions by exposing the BFIs to AML /CFT compliance risks. Therefore, BFIs should also be extra careful in order to avert these risks.
NBI has therefore designed one day training on "Remittance Operations" especially for the staffs working in remittance operations though it shall also be beneficial to other staffs of operations department. This training expects to get enhanced the remittance knowledge of staffs and prescribe the tools for mitigating operational and compliance risks, which is expected to be instrumental to the BFIs in managing operational risks.