Financial Crime World

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Thai Government Takes Aim at Financial Crime as Economic Growth Creates New Opportunities for Illicit Activity

BANGKOK, THAILAND - As Thailand continues to attract foreign investment and grow its economy, the government is taking steps to combat financial crime and prevent money laundering and terrorist financing.

A Growing Threat: Cybercrime and Financial Crime in Thailand

According to a recent survey by PwC, 25% of Thai companies have experienced financial crimes, fraud, or corruption in the past two years. The report highlights the growing threat posed by cybercriminals, who are using cryptocurrencies and the dark web to conduct sophisticated attacks, including fake IDs and Deepfake methods.

Thai Companies Lag Behind Global Peers in Combatting Financial Crime

The PwC survey also found that Thai companies are not investing enough in risk management and compliance. Only 37% of respondents have a team dedicated to 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.

Key Findings:

  • 25% of Thai companies have experienced financial crimes, fraud, or corruption in the past two years
  • Only 37% of respondents have a team dedicated to fraud risks
  • Less than 30% of companies have expanded their risk management teams

New Laws and Regulations: A Key Tool in the Fight Against Financial Crime

To address this gap, the Thai government has introduced new laws and amended existing ones to combat financial crime. Key regulations include:

Customer Due Diligence (CDD) and Know Your Customer (KYC)

  • Require banks and other financial institutions to verify users’ information and confirm their identities
  • Help prevent money laundering and terrorist financing

Anti-Money Laundering Act B.E 2542: A Key Tool in the Fight Against Financial Crime

The Anti-Money Laundering Act B.E 2542 is a key law in Thailand’s fight against financial crime. The act requires banks and other financial institutions to report any transaction over $1600 to the relevant authorities and prohibits the use of illegal money, which can lead to up to 15 years in prison.

Authme’s eKYC Solution: A Comprehensive Approach to Identity Verification

As identity fraud and AI-based identity attacks like Deepfake continue to rise, companies need a solution that provides secure and trustworthy verification. Authme offers a revolutionary eKYC solution that includes:

Document Verification

  • Securely verify users’ identities through document verification

Mobile NFC Reading

  • Provide an additional layer of security with mobile NFC reading

Biometric Authentication

  • Use biometric authentication to boost the credibility of the verification process

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 putting resources into 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.

Are you interested in taking action on eKYC solutions? Get in touch with Authme now!