राष्ट्र बैंकको कडाइ: भुक्तानी संस्थाका लगानीकर्ता र पदाधिकारीको पृष्ठभूमि अनिवार्य खुलाउनुपर्नेNepal Rastra Bank Tightens Scrutiny Over Payment Service Providers

In a significant move to curb financial crime and money laundering through digital payment channels, Nepal Rastra Bank (NRB) has substantially tightened its oversight of individuals involved in the ownership, management and control of payment service providers and payment system operators. The central bank has introduced the new framework with the explicit aim of preventing persons linked to illegal earnings, asset laundering and criminal activities from gaining access to the country's financial system.

The Payment System Department of NRB amended the 'Unified Directive on Payment Systems, 2082' by invoking authority granted under Section 45 of the Payment and Settlement Act, 2075, issuing a circular on Jestha 18 to bring the revised fit and proper criteria into immediate effect.

Who Must Disclose What?

Under the new framework, any individual who invests, purchases shares or maintains ownership exceeding five percent of paid-up capital or Rs 50 lakh in a payment service provider institution must compulsorily submit detailed personal and financial disclosures to NRB. Similarly, individuals appointed to positions of director, chairperson, chief executive officer or senior management are required to furnish documents establishing their background, financial standing and legal status before assuming office.

Beneficial owners or persons holding more than five percent or Rs 25 lakh worth of shares or capital in any such institution must also register their details with the central bank. NRB has placed particular emphasis on ensuring that the identity of anyone exercising direct or indirect influence over an institution's ownership, control or management is clearly established.

Scope of Mandatory Disclosures

The range of information demanded under the amended directive is extensive. Applicants must submit documents covering their name, address and family details, identification of beneficial owners, potential conflicts of interest and financial conduct records. A self-declaration confirming compliance with applicable laws is also mandatory.

Individuals must declare whether they have been involved in any criminal offence in Nepal or abroad, and if any litigation, investigation or judicial or administrative proceedings are pending against them, full details must be disclosed. Outstanding tax liabilities, government dues, fines or other obligations payable under court or regulatory orders must also be declared, along with credit information centre blacklisting status. Nepali nationals are additionally required to disclose any property or business interests held overseas, as well as a complete record of past responsibilities, professional experience, awards and penalties.

Existing Officials and Investors Also Covered

NRB has made it clear that the directive is not limited to new entrants alone. Once the framework is in operation, institutions must update and submit to the department the disclosures of all currently serving directors, investors and beneficial owners as well.

According to the central bank, as the digital payment sector expands rapidly, such a measure was essential to ensure institutional governance, transparency and accountability. NRB expects the new framework to make the ownership structures of payment institutions more transparent, strengthen regulatory oversight, and enhance public and investor confidence in the broader financial system.