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Strengthening Anti-Money Laundering Regulations in Thailand
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The Thai government has proposed a draft amendment to the Anti-Money Laundering Act (AMLA), which aims to enhance anti-money laundering regulations for financial institutions and other professions with a high risk of money laundering exposure.
Key Points of the Draft Amendment
- Expansion of Professions with Reporting Duty: The draft amendment expands the list of “Professions” under the AMLA, which have a reporting duty under Section 16. These businesses will now be treated as financial institutions and will have to report transactions that fall under Section 13 of the AMLA.
- Customer Identification and Know-Your-Customer (KYC) Measures: The draft amendment revises customer identification and KYC measures, removing any differentiation between financial institutions and Professions. Both will be required to perform customer identification and KYC at the same level as financial institutions.
- Recording Designated Transactions: The draft amendment requires both financial institutions and Professions to record details of transactions that are above the designated amount or are suspicious transactions.
- Predicate Offenses: The draft amendment expands the list of predicate offenses, which serve as the basis for money laundering offenses.
Next Steps
The draft amendment has already passed the public hearing stage and is currently being considered by the Cabinet for further approval. It is expected to undergo revisions before its enactment, taking into account opinions from various professions and stakeholders.
By strengthening anti-money laundering regulations, Thailand aims to enhance its efforts against financial crimes and protect its economy from illicit activities. The proposed amendment will likely have a significant impact on the country’s financial sector and other industries with high risk of money laundering exposure.