PUBLIC ANNOUNCEMENT

As a follow-up to the repeated notifications issued by Financial Institutions, the Royal Monetary Authority of Bhutan hereby would like to earnestly request all Bank Account Holders to kindly update your personal/business profile information with your respective banks before 30 June 2019.

Upon the enactment of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act of Bhutan, 2018, all the Reporting Entities (Financial Institutions) are now mandated to put in place comprehensive policy frameworks covering "Know Your Customer (KYC)" and the related anti-money laundering measures in line with the international best practices in order to prevent Financial Institutions from being used by criminal elements for money laundering and terrorism financing activities.

The RMA would, in this context, like to request all account holders to kindly contact your respective banks/branches for ensuring that the KYC information/data in respect of the bank accounts being operated/maintained by you are updated accordingly. The KYC information /data to be updated could include:

  • Full Name
  • CID /Company Registration Certificate No.
  • TPN No.
  • Passport, work permit ID
  • Present
  • Permanent Address
  • Anticipated Annual Gross Income (for employed Individuals)
  • Occupation
  • Business Licence No (for business entity)
  • Details of customer business (for business entity)

Please note that failure to comply with the KYC requirements by account holders could result in deactivation of those bank accounts with inadequate KYC information/data. The deactivated accounts will be activated upon furnishing the relevant KYC information by the account holders concerned.

Issued for kind compliance by all bank account holders.


Return to News Heading