Nepal orders PSPs to freeze terrorist-linked assets to exit FATF grey list

New central bank guidelines require payment firms to block funds of individuals and groups listed by the UN or home ministry, amid rising cyber-enabled fraud targeting youth and students.

Payment service providers (PSPs) will now be required to freeze the assets and other financial resources of individuals and entities designated as terrorists by the United Nations Security Council (UNSC) or Nepal’s Ministry of Home Affairs. The measure is part of Nepal’s effort to get off the Financial Action Task Force (FATF) grey list.