Financial Crime World

Bhutan’s Royal Monetary Authority Introduces New System to Boost AML Capabilities with ADB’s Support

August 21, 2020

The Royal Monetary Authority of Bhutan has taken a significant step forward in strengthening the country’s financial integrity and enhancing its anti-money laundering (AML) capabilities. The Authority launched the Bhutan Financial Intelligence Analysis System (BFIAS), an innovative online reporting platform for suspicious transactions.

The New Bhutan Financial Intelligence Analysis System (BFIAS)

This new system, designed for reporting suspicious transactions online, allows financial institutions to:

  • Analyze suspicious transaction reports
  • Analyze cash transaction reports
  • Conveniently review all reports at their disposal

The BFIAS initiative is a crucial component of Bhutan’s comprehensive Financial Market Development Program, which aims to improve the overall financial sector. The program is supported by technical assistance from the Asian Development Bank (ADB).

Meeting International AML/CFT Standards

The introduction of the BFIAS system marks Bhutan’s progressive strides towards meeting international AML and Combating the Financing of Terrorism (CFT) standards. This development will ultimately benefit the Kingdom of Bhutan and its international partners in safeguarding the financial system from potential threats.

ADB’s Role in Enhancing Bhutan’s AML Infrastructure

The online reporting system, developed in collaboration with ADB and implemented by the Royal Monetary Authority of Bhutan, is expected to:

  • Bolster Bhutan’s efforts to curb illicit financial activities
  • Promote transparency in the financial sector

Bhutan’s continuous efforts to enhance its AML infrastructure will provide a stable and sustainable economic growth environment, reducing poverty, and improving the quality of life in the region, as per the Asian Development Bank’s mission.

About the Asian Development Bank (ADB)

The Asian Development Bank (ADB) is a financing institution based in Manila, established in 1966. Its primary mission is to improve the economic conditions and reduce poverty in the Asian and Pacific Region. It achieves this by coordinating actions among partners to:

  • Ensure a stable, harmonious, and sustainable environment for development
  • Promote sustainable economic growth
  • Reduce poverty
  • Improve the quality of life in the region.