Financial Crime World

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THAILAND’S BATTLE AGAINST FINANCIAL CRIME: CHALLENGES AND SOLUTIONS

Financial Crimes on the Rise

As Thailand continues to attract foreign investors and become a hub for financial activities, the country is facing a growing threat from money laundering and terrorist financing. In this special report, we take a closer look at the challenges in combating financial crimes in Thailand and explore the solutions being implemented by the government and industry experts.

  • According to a recent survey by PwC, 25% of Thai companies have experienced financial crimes, fraud, or corruption in the past two years.
  • The COVID-19 pandemic has accelerated the use of technology by cybercriminals, who are using cryptocurrencies and the dark web to conduct sophisticated attacks, including fake IDs and Deepfake methods.

Thailand’s Anti-Money Laundering Laws

The Thai government is taking swift action to combat financial crimes by creating new laws and amending existing ones. Two key terms introduced to prevent financial crimes are Customer Due Diligence (CDD) and Know Your Customer (KYC).

Customer Due Diligence (CDD)

  • CDD is the process used by banks and other financial institutions to gather and verify users’ information.
  • With good CDD, these institutions can ensure that users are genuine and create a record, which helps to identify if someone is a criminal.

Know Your Customer (KYC)

  • KYC is the most effective way to ensure that users are who they say they are.
  • The Thai government found that most financial criminals use fake names, so it’s crucial for banks and other financial institutions to have strong KYC rules. This helps them to confirm if users are real by comparing their information to official documents.

Anti-Money Laundering Act B.E 2542

One key law in Thailand is the Anti-Money Laundering Act B.E 2542, which has rules against money criminals and other financial wrongdoers.

  • Banks and other financial institutions must report any transaction over $1600 to the relevant authorities.
  • The law also states that trying to use illegal money is a crime, which could lead to 15 years in prison.

Counter-Terrorist Financing Act Amendments

The government amended the Counter-Terrorist Financing Act to include how financial groups and money laundering were used for terrorism. Any financial wrongdoing connected to terrorist activities is now considered a crime.

Authme’s eKYC Solutions

As identity fraud and AI-based identity attacks like Deepfake continue to rise, it is crucial to have a solution that provides secure and trustworthy verification. Authme offers a revolutionary solution that provides three distinct features to boost the credibility of the verification process:

  • Document Verification: Authme’s engine automatically extracts critical information from ID documents through OCR scans and detects fraudulent IDs in real-time.
  • Mobile NFC Reading: Our patented mobile NFC reading technology authenticates the digital signature of biometric IDs like passport, ensuring 100% ID authenticity.
  • Biometric Authentication: We utilize AI-powered face recognition and liveness detection to compare the user’s face with the ID holder, ensuring that the user is a real person and defending against sophisticated Deepfake attacks.

Authme’s eKYC solution offers a comprehensive approach to guarantee that companies maintain security, effectiveness, and compliance when offering digital services. With over 3 million verifications processed across various industries, including banking, insurance, and cryptocurrency, we have earned the trust of leading brands like Binance, Standard Chartered, and LINE Bank.

Conclusion

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. Authme’s eKYC solution not only prevents identity theft and fraud but also provides a seamless and user-friendly experience for customers. As Thailand strives for financial security, Authme’s revolutionary technology is changing the game in identity verification, ensuring the safety and security of your user’s identities.

To learn more about Authme’s eKYC solutions or to get in touch with us, please visit our website at [Authme’s website].