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Bhutan: Royal Monetary Authority Consults on New AML/CFT Rules and Regulations 2018

On May 28, 2018, the Royal Monetary Authority (RMA) of Bhutan launched a public consultation seeking feedback on the Anti-money Laundering and Combating the Financing of Terrorism (AML/CFT) Rules and Regulations 2018, under the mandate of Section 183 of the newly introduced AML/CFT Act 2018.

The present rules and regulations are addressed to all reporting entities, as these are defined under Section 50 of the AML/CFT Act 2018. Their purpose is to supplement the AML/CFT Act 2018 by providing clarity and explanations in relation to specific aspects of the act and obligations imposed on reporting entities.

The main provisions in the AML/CFT Rules and Regulations 2018 seek to clarify the following points:

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