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Electronic Payment Service Businesses: Compliance with Anti-Money Laundering Regulations

In Thailand, electronic payment service businesses must comply with regulations set forth by the Anti-Money Laundering Act (No.5) B.E. 2558 (2015). The following are key points related to these regulations.

Reporting Obligations

Financial institutions and professions conducting financial business under exchange control laws have a critical role in preventing money laundering and terrorism financing. To this end, they must report transactions that may be related to such activities:

• Reports must be made in good faith and within a prescribed time frame.
• The reporting process should not compromise the integrity of the customer or third-party relationships.

Identifying Customers

To ensure transparency and prevent illicit activities, financial institutions and professions must identify customers before conducting any transaction. This applies unless the customer has previously been identified:

• Identification procedures should be accessible to disabled or incapacitated individuals.
• The goal is to verify the identity of customers while minimizing obstacles.

Customer Due Diligence

Financial institutions and professions have a responsibility to conduct thorough due diligence on their customers when opening an account or conducting a first transaction. This process must adhere to rules and procedures prescribed by the Ministerial Regulation:

• Due diligence procedures should be implemented in accordance with the regulations.
• The goal is to ensure that financial transactions are legitimate and not associated with money laundering or terrorism financing.

Confidentiality

To protect customer confidentiality, reporting entities must not reveal or act in any way that may cause a customer or third party to know of the conduct of customer due diligence or reporting of transactions:

• This ensures that sensitive information remains confidential.
• Reporting entities must adhere to this principle at all times.

Exemptions

In certain cases, the Minister may exempt specific transactions from reporting obligations. These exemptions are prescribed in the Ministerial Regulation:

• The goal is to streamline regulatory processes while maintaining compliance with anti-money laundering regulations.
• Exemptions should be carefully evaluated and applied on a case-by-case basis.

Please note that this summary is based on my understanding of the provided text and might not be comprehensive or up-to-date. If you need detailed information or clarification, I recommend consulting the original document or seeking advice from a qualified professional.