Financial Crime World

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Record-Keeping and Retention Periods under the Anti-Money Laundering Act of Thailand

The Anti-Money Laundering Act of Thailand outlines strict guidelines for financial institutions to maintain records related to customer identification, transactions, and other important facts. Here are the key points regarding record-keeping and retention periods:

Record Retention Periods

  • Financial institutions must retain records related to customer identification for 5 years after account closure or termination of relationship (Section 2226(1)).
  • Records related to financial transactions or facts must be kept for 5 years from the date of the transaction or recording of facts (Section 2226(2)).

Professions under Section 16.27

Professions subject to the same record-keeping requirements include:

  • Financial institutions
  • Banks
  • Securities companies
  • Insurance companies
  • And other professions as specified in Section 16.27

Powers and Duties of the Anti-Money Laundering Board

The Anti-Money Laundering Board is responsible for proposing measures to prevent money laundering, assessing risks, and recommending guidelines to mitigate such risks.

Composition of the Board

The Board consists of:

  • The Prime Minister
  • Minister of Justice
  • Minister of Finance
  • And other government officials and experts (Section 2429)

Powers and Duties of the Board

The Board has the power to:

  • Propose measures for anti-money laundering
  • Establish rules and procedures for assessing risks
  • Recommend guidelines to prevent such risks
  • Perform other duties as necessary to combat money laundering

Important Note

This summary is not intended to be a comprehensive or authoritative interpretation of the Act. If you require further clarification or guidance, we recommend consulting the original document or seeking advice from a qualified expert in Thai law or anti-money laundering regulations.