KYC Verification Process in Bhutan Simplified

The Royal Monetary Authority of Bhutan has introduced a Know Your Customer (KYC) verification process for all banking institutions operating in the country to maintain transparency and prevent financial crimes.

Background

As part of its efforts to ensure accurate and up-to-date customer information, the KYC verification process aims to verify the identity and address of customers using a standardized form. This process is mandatory for six major banks in Bhutan:

• Bank of Bhutan
• Bhutan National Bank
• Bhutan Development Bank
• T Bank
• Druk Punjab National Bank

KYC Verification Process

The KYC verification process involves submitting the following documents:

• Recent passport-sized photograph
• Proof of identity (e.g., national ID, passport)
• Declaration and consent form

The declaration and consent form requires customers to declare that the provided information is true, correct, and complete, and gives consent for their data to be shared with regulatory authorities and credit bureaus.

Terms and Conditions

The Royal Insurance Corporation of Bhutan Limited (RICBL) has specified the terms and conditions under which customer applications will be processed. Key points include:

• The bank reserves the right to accept or reject an application without assigning any reasons.
• Customers are expected to abide by all rules and regulations set forth.

Benefits

The KYC verification process is a crucial step in maintaining financial stability and preventing fraud in Bhutan’s banking sector. With this new requirement, customers can rest assured that their information is:

• Secure
• Compliant with international standards

By following this process, customers can have peace of mind knowing that their personal and financial information is protected and secure.