Chapter II: Duties of Financial Institutions and Professions
- Financial institutions must retain information about customer identification for five years after the account is closed or the relationship with the customer terminates.
- This ensures that financial institutions can provide necessary information to authorities in case of suspicious transactions.
Section 20/1: Due Diligence Records
- Financial institutions and professions under Section 16(1) and (9) must keep due diligence records for five years from the date the account was closed or relationship terminated.
- This allows for a thorough review of transactions and helps prevent money laundering activities.
Exemptions
- The provisions of Chapter II do not apply to the Bank of Thailand under the law on Bank of Thailand (Section 23).
- This exemption is in place due to the Bank of Thailand’s unique status as a central bank, with its own set of regulations and oversight mechanisms.
The Anti-Money Laundering Board
Establishment
- There shall be an Anti-Money Laundering Board, consisting of members including:
- The Prime Minister as Chairman
- Minister of Justice and Minister of Finance as Vice Chairmen
- Various government officials
- Nine qualified experts appointed by the Council of Ministers (Section 2429)
- This board is responsible for overseeing efforts to prevent money laundering in Thailand.
Powers and Duties
- The Board has powers and duties such as:
- Proposing measures for anti-money laundering
- Establishing rules and procedures for assessing risks related to money laundering
- Recommending guidelines to prevent such risks
- Others (Section 2530)
- These powers enable the board to effectively monitor and address potential money laundering activities in Thailand.