Banking News – The Securities Board of Nepal (SEBON) has imposed financial penalties on three brokerage firms for failing to comply with the country’s anti-money laundering (AML) regulations.

According to SEBON, the firms violated Section 7A(4)(d) and Section 7C of the Asset (Money) Laundering Prevention Act, 2008 (2064 BS).

The penalized brokerage firms are CIPL Securities, Krishna Securities, and Hatemalo Financial Services.

SEBON imposed a Rs. 5 million fine on CIPL Securities, while Krishna Securities and Hatemalo Financial Services were each fined Rs. 3 million.

In total, the securities regulator collected Rs. 11 million in penalties from the three brokerage firms.

SEBON stated that the enforcement action was taken in accordance with the provisions of the Asset (Money) Laundering Prevention Act, emphasizing the importance of compliance with anti-money laundering requirements in Nepal’s capital market.