Kathmandu. Now GO AML software is also being used in insurance companies. The integrated information system (GML) is being implemented in insurance companies with the objective of controlling money laundering. The GO AML software, which has already been implemented in banks and financial institutions, is being implemented in insurance companies.

This software system will regularly collect details about the insured who come to the insurance companies to pay more than a certain amount of premiums, people with political background and suspicious transactions. Employees of the insurance company have to enter the details regularly in the server of this software which is implemented in every insurance company.

The Department of Asset Laundering and Investigation has implemented this software with the objective of curbing the trend of laundering money earned from illegal sources through banks, financial institutions and insurance companies. Even though the Asset Laundering Department has implemented it, the financial information of Nepal Rastra Bank has been given to Irka.

Regarding financial laundering, the Financial Action Task Force (FATF), an international monitoring body, had decided last year to conduct an on-site study on the situation of money laundering in Nepal by monitoring Nepal's banks, financial institutions, insurance companies, stock market and other capital trading units. But as the research office, which has been suspended due to the Corona epidemic, begins this year, software is being implemented in insurance companies as well.