Financial Crime World

Thailand Cracks Down on Financial Crime: Banking Regulations for Preventing Money Laundering

Bangkok, THAILAND - In a bid to combat financial crime, the Thai government has strengthened its Anti-Money Laundering (AML) regime.

The country’s financial institutions (FIs) must now adopt a risk-based approach to AML compliance, assess their risks and vulnerabilities to money laundering and terrorist financing (ML/TF), and implement appropriate measures to manage those risks.

Understanding Thailand’s AML Regulations

Thailand’s AML regulations are governed by the Anti-Money Laundering Office (AMLO) under the Anti-Money Laundering Act B.E. 2542 (1999). The key requirements for FIs include:

  • Customer due diligence: Identifying and verifying the identity of customers and beneficial owners
  • Suspicious transaction reporting: Reporting any suspicious transactions to the AMLO
  • Record keeping: Maintaining adequate records of transactions and customer information

Challenges FIs Face in Staying Compliant

Staying compliant with AML regulations can be challenging for FIs. The following are some common challenges faced by FIs in Thailand:

  • Complex regulatory environment: The AML regulations in Thailand are complex and can be difficult to interpret
  • Limited resources: Some FIs may have limited resources to dedicate to AML compliance
  • Lack of expertise: FIs may not have sufficient in-house expertise to implement and maintain an effective AML programme

Tookitaki’s AML Solutions

A regtech company based in Singapore, Tookitaki is a pioneer in the fight against financial crime. The company’s Anti-Money Laundering Suite (AMLS) and Anti-Financial Crime (AFC) Ecosystem work in tandem to address the limitations of siloed systems in combating money laundering.

The AFC Ecosystem is a community-based platform that facilitates sharing of information and best practices in the battle against financial crime. Powering this ecosystem is the Typology Repository, a living database of money laundering techniques and schemes.

Benefits of Tookitaki’s AML Solutions

Tookitaki’s AML solutions offer several benefits to FIs in Thailand, including:

  • Smart screening: Detects potential matches against sanctions lists, PEPs, and other watchlists
  • Transaction monitoring: Detects suspicious patterns of financial transactions that may indicate money laundering or other financial crimes
  • Dynamic risk scoring: Creates a dynamic, 360-degree risk profile for customers
  • Case management: Tracks and manages suspicious activity alerts, ensuring all cases are reviewed and resolved on time