Financial Crime World

Bhutan’s Royal Monetary Authority Bolsters AML/CFT Framework with Advanced Technology Solution ABCBells

The Royal Monetary Authority (RMA) of Bhutan has made a significant step forward in its fight against money laundering (AML) and terrorism financing (CFT) by implementing ABCBells, an advanced technology solution offered by Global RADAR.

Implementation and Impact

The following are the expected outcomes of the ABCBells implementation:

  • Efficient transaction monitoring: The Financial Intelligence Department (FID) of RMA will use ABCBells to enhance the efficiency of its transaction monitoring processes.
  • Robust risk assessment: ABCBells’ advanced technology enables real-time transaction monitoring and a comprehensive risk assessment scoring model to identify and prevent potential AML/CFT breaches.

International Recognition and Training

  • Global recognition: The deployment of ABCBells is anticipated to elevate Bhutan’s standing in the global community in the battle against financial crimes.
  • Effective usage: RMA personnel will receive training on utilizing this system effectively, enhancing Bhutan’s overall regulatory landscape.

Demonstrating Commitment

A spokesperson from the RMA highlighted the importance of the advancement:

“The introduction of ABCBells is a crucial move to reinforce the security of Bhutan’s financial system and sustain adherence to international AML/CFT norms.” – RMA Spokesperson

With Bhutan’s economy continuously expanding, maintaining a robust regulatory framework is essential to safeguard it from potential financial crime threats.

The FID at RMA follows a growing trend of regional financial institutions adopting advanced technology solutions to tackle AML/CFT challenges and strengthen their regulatory capabilities. This progress by Bhutan showcases its dedication to fostering a secure and thriving financial sector in the region.

In Summary

  • Pivotal achievement: The integration of ABCBells at the Financial Intelligence Department of Bhutan’s Royal Monetary Authority signifies a monumental achievement for Bhutan’s financial sector.
  • International compliance: The development reaffirms Bhutan’s commitment to adhering to international AML/CFT regulations.