Financial Crime World

Thailand Cracks Down on Money Laundering: Understanding Anti-Money Laundering Laws and Efforts

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Background

Thailand’s economy continues to attract global investors due to its friendly trade agreements with over 10 countries. However, concerns about money laundering and terrorist financing have grown. According to a PwC survey, 25% of Thai companies have experienced financial crimes, fraud, or corruption in the past two years.

Anti-Money Laundering Laws and Regulations in Thailand

The Thai government is taking swift action to combat these threats by creating new laws and amending existing ones. Key anti-money laundering (AML) laws and regulations in Thailand include:

  • The Anti-Money Laundering Act B.E 2542: requires banks and other financial institutions to report any transaction over $1600 to the relevant authorities.
  • Counter-Terrorist Financing Act Amendments: includes rules against money laundering used for terrorism.

Preventing Financial Crimes

To prevent financial crimes, Thai companies need to invest more in risk management and compliance. This can include implementing Customer Due Diligence (CDD) and Know Your Customer (KYC) procedures.

Revolutionizing Identity Verification: How Authme’s eKYC Solutions Can Help

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As identity fraud and AI-based identity attacks like Deepfake continue to rise, it is crucial to have a solution that provides secure and trustworthy verification. Authme offers a revolutionary eKYC solution that includes:

  • Document Verification: through OCR scans and real-time detection of fraudulent IDs.
  • Mobile NFC Reading technology: for authenticating digital signatures of biometric IDs.
  • Biometric Authentication: using AI-powered face recognition and liveness detection.

Authme’s eKYC solution provides a comprehensive approach to guarantee that companies maintain security, effectiveness, and compliance when offering digital services. With over 3 million verifications processed across various industries, Authme has earned the trust of leading brands like Binance, Standard Chartered, and LINE Bank.

Key Takeaways

Battling against money laundering and terrorism financing is crucial to ensure regulations in Thailand. As a thriving economy in its region, Thailand can reap positive benefits by putting resources into AML and CFT solutions. Authme’s eKYC solution not only prevents identity theft and fraud but also provides a seamless and user-friendly experience for customers.

Are you interested in taking action on eKYC solutions? Get in touch with Authme now!