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Financial Crime Prevention Strategies in Thailand: A Key to Ensuring Economic Security
Thailand has emerged as a hub for financial activities, attracting global investors due to its favorable trade agreements with over 10 countries. However, this influx of funds has also created opportunities for criminals to engage in illicit activities such as money laundering and terrorist financing.
Understanding Economic Crime and Fraud in Thailand
A recent survey by PwC revealed that 25% of Thai companies have experienced financial crimes, fraud, or corruption in the past two years. Cybercriminals are exploiting remote work arrangements during the COVID-19 pandemic and using cryptocurrencies and the dark web to conduct sophisticated attacks, including fake IDs and Deepfake methods.
Risk Management and Compliance
To combat these threats, Thai companies need to invest more in risk management and compliance. However, only 37% of companies have a dedicated team for fraud risks, which is lower than the global average. Less than 30% of companies have expanded their risk management teams, indicating a need for improvement.
Thailand’s Anti-Money Laundering Laws: A Simplified Explanation
The Thai government has enacted several laws to combat financial crimes, including:
Customer Due Diligence (CDD)
Banks and other financial institutions must gather and verify users’ information to ensure they are genuine.
Know Your Customer (KYC)
Financial institutions must confirm users’ identities by comparing their information to official documents.
Anti-Money Laundering Act B.E 2542
Banks and other financial institutions must report transactions over $1,600 to the relevant authorities.
Counter-Terrorist Financing Act Amendments
The law now includes provisions related to financial groups and money laundering used for terrorism.
Authme’s eKYC Solutions: A Revolutionary Approach to Identity Verification
Authme offers a comprehensive eKYC solution that provides three distinct features:
1. Document Verification
Our engine extracts critical information from ID documents through OCR scans and detects fraudulent IDs in real-time.
2. Mobile NFC Reading
Our patented mobile NFC reading technology authenticates the digital signature of biometric IDs like passports, ensuring 100% ID authenticity.
3. Biometric Authentication
We utilize AI-powered face recognition and liveness detection to compare the user’s face with the ID holder.
Authme’s eKYC solution ensures that companies maintain security, effectiveness, and compliance when offering digital services.
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 investing in AML and CFT solutions.
In a world where identity theft and fraud are on the rise, Authme’s eKYC solution not only prevents identity theft and fraud but also provides a seamless and user-friendly experience for customers.
Get in Touch with Authme Now
Are you interested in taking action on eKYC solutions? Contact us today to learn more about how Authme can help your business.