ABCBells Ring for AML Compliance in Bhutan’s Royal Monetary Authority

The Royal Monetary Authority (RMA) of Bhutan has taken a significant step towards strengthening its anti-money laundering (AML) and combating the financing of terrorism (CFT) framework by implementing ABCBells, an advanced technology solution offered by Global RADAR.

Implementation of ABCBells

The Financial Intelligence Department (FID) of RMA will utilize ABCBells to improve the effectiveness of its monitoring and risk management of financial transactions. This new AML/CFT technology helps financial institutions analyze risk and prevent potential breaches with real-time transaction monitoring and a comprehensive risk assessment scoring model.

Benefits for Bhutan’s Financial Sector

The implementation of ABCBells is expected to enhance Bhutan’s international standing in the fight against financial crimes, upholding the kingdom’s reputation for transparency and accountability. The system will also provide training to RMA staff on using the new system effectively and enhancing Bhutan’s regulatory landscape.

Commitment to AML/CFT Compliance

According to a spokesperson from RMA, “The implementation of ABCBells is a critical step towards further safeguarding Bhutan’s financial system and ensuring continued compliance with international AML/CFT standards.” The kingdom’s economy continues to grow, and it is essential to maintain a robust regulatory framework to protect it from potential financial crime threats.

Regional Trend

The FID at RMA joins a growing list of regional financial institutions adopting advanced technology solutions to address AML/CFT challenges and bolster their regulatory capabilities. Bhutan’s progress in this area further underscores its dedication to fostering a secure and thriving financial sector.

Conclusion

In conclusion, the implementation of ABCBells at Bhutan’s Royal Monetary Authority’s Financial Intelligence Department marks a significant milestone for Bhutan’s financial sector and reaffirms its commitment to global AML/CFT regulations.