Money Exchange Software · Guide
Money Changer Customer Records and Compliance in Nepal
Currency exchange in Nepal is a regulated business. Licences, permitted activities, customer identification, limits and reporting duties are set by the regulator and by law, and they have changed before and may change again. This article does not quote them. Instead, it explains the types of records a careful counter keeps, so that when the regulator, an inspector or your own accountant asks a question, you can answer quickly. Always confirm the current requirements with Nepal Rastra Bank or a qualified adviser.
Why records matter at a money changer
A counter handles cash, often from people you will never meet again. Records are how you show that each deal was lawful, correctly priced and properly accounted for. They also protect your staff: a clerk with a clear trail of receipts is rarely blamed for a problem she did not cause. And they protect the licence, which is the foundation of the business.
Customer identification
Your obligations on identification depend on the type and size of the transaction and on the rules in force. A well-designed system lets you capture, with each deal:
- Full name and nationality.
- Type and number of the identity or travel document.
- Contact details or hotel and local address, where relevant.
- Purpose of the transaction, where required.
- A scan or photo of the document, if your procedure allows it.
Make the fields mandatory only where your rules require them, so that the clerk is not slowed for trivial deals. Ask the regulator or your adviser when ID is required, rather than relying on a vendor's description.
Transaction records
Each transaction should have a unique serial number, date and time, clerk, counter, type (buy or sell), currency, amount, rate, rupee amount and customer reference. Receipts should be printed or issued in sequence, and cancellations should be visible. A receipt book or system with gaps in serial numbers invites suspicion. The system should not allow deletion; corrections should be new entries that reference the original.
Stock and cash records
Keep daily records of opening stock, closing stock, cash counted and variances for each currency. Keep records of transfers to the bank or vault, with who carried and who received. Record the source of any large purchase of foreign currency from another party, so your stock can always be explained.
Unusual or large transactions
Regulators expect businesses to notice unusual activity. You should have an internal procedure for dealing with large or suspicious transactions, who decides and who reports. The thresholds and reporting channels are set by the authorities, and they can change, so get them from the regulator. Your software can help by listing large transactions daily for the supervisor, without being the decision-maker.
Retention and access
How long you must keep records and in what form is set by the rules that apply to you. Ask the regulator or your accountant. As a practical matter, keep data in a form that can be searched and printed, back it up away from the counter and restrict who can view customer details. Customer ID documents are sensitive, so treat them as you would your own papers.
Roles and internal control
| Role | Typical rights |
|---|---|
| Clerk | Enter deals, print receipts, count the drawer |
| Supervisor | Approve large deals, handle variances, change rates |
| Owner or compliance officer | View all reports, user rights, audit log |
Staying up to date
Because rules change, appoint someone, often the owner or manager, to check regularly with the regulator for circulars. Keep copies of directives in a folder, with the date received and how you applied them. When something changes, ask your software vendor how the system can be adjusted. At WebsNP we configure fields and reports to what you tell us is required, and we do not claim to define the rules ourselves.
Staff training
Clerks are the first line of compliance. Train them on identity checks, on recognising altered documents, on what to do if a customer refuses to provide details and on whom to call. Write the procedure on one page and put it near the counter. Refresh training when rules change, and record the date.
Where software helps
Software makes consistent record-keeping easy: required fields, serial receipts, daily reports for the supervisor and a log of who did what. It cannot decide your legal obligations or file reports on its own authority. It is a tool to keep your own records in order. See how our money exchange software stores customer and transaction details, and ask us to configure fields to your requirements.
Your next step
List the customer details you currently record and compare them with what your regulator or adviser says you should. If there are gaps, fix the process first, then the software. Message WebsNP on WhatsApp at +977 9846280400 for a demo. If your business also offers travel services, our travel agency software may interest you.
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