Financial Crime World

Here is the article rewritten in markdown format:

Compliance Duties and Reporting Requirements for Specialized Financial Institutions (SFIs) in Thailand

====================================================

Compliance Unit Personnel

Compliance unit personnel play a crucial role in ensuring that SFIs comply with laws and regulations. To fulfill their duties, they must possess certain skills and qualifications.

Required Skills and Qualifications

  • Must possess skills in communication, decision-making, and problem-solving related to non-compliance with laws and regulations.
  • Should not have any benefits or interests that may conflict with their duties.

Reporting Requirements

SFIs are required to submit various reports to the Bank of Thailand on a regular basis. The following are some of the key reporting requirements:

Compliance Policy

  1. Preparation: SFIs must prepare a compliance policy and submit it to the Bank of Thailand for acknowledgement within 30 days from the effective date of this Guideline.
  2. Purpose: The purpose of the compliance policy is to outline the procedures and guidelines that SFIs will follow to ensure compliance with laws and regulations.

Annual Compliance Report

  1. Submission: SFIs must submit an Annual Compliance Report to the Bank of Thailand within 7 days from the date it was approved by the board of directors.
  2. Contents: The annual compliance report should include details about any non-compliance issues, corrective measures taken, and future plans for improving compliance.

Violations or Non-Compliance Report

  1. Prompt Reporting: SFIs must promptly report non-compliance issues with material impact and damage exceeding a set threshold.
  2. Corrective Measures: The report should also include details about the corrective measures taken to address the non-compliance issue.

Fraud Report

SFIs are required to submit a fraud report for incidents such as:

  • Cases featured in the press
  • Customer dispute cases that cannot be resolved quickly or are complex
  • Fraud committed by staff members or external parties resulting in damages exceeding a set threshold

Reporting Frequency

The reporting frequency for SFIs depends on the severity of the issue. For severe damages or attracting public attention, SFIs must immediately report to the Bank of Thailand.

Quarterly Reports

For complex or time-consuming investigations, SFIs must report on a quarterly basis from the date detected and when settled.

Use of Business Facilitator Services

SFIs may use services provided by a business facilitator for their compliance function work, in accordance with the Bank of Thailand’s Notification Re: Regulations on Specialized Financial Institution’s use of services provided by a business facilitator.