SEBON Takes Vigilant Stand: Sampanna Capital Faces Action for Money Laundering

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In a significant development, the Securities Board of Nepal (SEBON) has displayed unwavering resolve in response to a breach of anti-money laundering regulations involving Sampanna Capital and Advisory Nepal Ltd. This proactive step underscores SEBON’s unwavering commitment to maintaining the highest standards of financial integrity within Nepal’s securities sector.

SEBON action on Sampanna Capital

Key Highlights:

Violation and Verdict: SEBON’s decisive action has been prompted by the violation of anti-money laundering protocols by Sampanna Capital. On the 11th of Shrawan, SEBON issued a resolute verdict, imposing a substantial fine of Rs. 10 lahks on the organization.

Underlying Infraction: The breach pertains to failing to comply with the regulations stipulated in Section 18 (1) of the Money Laundering and Prevention of Financial Investments in Terrorist Activities Act of 2076. This non-adherence has led SEBON to determine to levy the fine.

Setting a Precedent: Notably, SEBON’s approach is not unprecedented. In a previous incident, SEBON fined Market Securities Exchange Company Pvt. Ltd. Rs. 10 lakhs for a similar transgression, exemplifying a consistent and committed approach to enforcement.

Upholding Financial Integrity: SEBON’s unyielding response underscores its dedication to enforcing financial regulations rigorously. SEBON reinforces trust and accountability within the securities domain by imposing fines and promoting adherence.

SEBON’s recent actions serve as a potent reminder that Nepal’s financial landscape thrives under the vigilant oversight of its guardians. SEBON safeguards financial operations and fosters a more secure and conscientious environment within the securities sphere by taking assertive measures.

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News Source: https://www.sebon.gov.np/uploads/2023/08/07/tUcKW23duoeEpOaOCPzuvlnqIIr7WDkX6h3bn4cO.pdf 

 


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