Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures play an important role for financial institutions and specified non-financial businesses (collectively referred to as Reporting Entities (REs)), to combat money laundering and the financing of terrorism. The relevant AML/CFT laws, regulations and guidelines have been continuously improved in order to comply with international standards. During 2019-2022, the Anti-Money Laundering Office (AMLO) issued a number of new regulations and guidelines with specific and complex requirements for REs to comply with in order to strictly enforce the law.
The new regulations require additional key compliance measures in order to fully comply with AML/CFT laws, especially in relation to the Know Your Customer (KYC) and Customer Due Diligence (CDD) measures. The electronic KYC (e-KYC) process was updated to be aligned with the AML standards among other licensing regulators.
To keep up with the dynamic and evolving regulatory developments, we have issued this publication to provide an overview of Thailand’s AML/CFT regulations and guidelines. We hope that this guidebook can serve as the useful guideline regarding AML/CFT compliance for REs, namely:
|– AMC||– FX businesses (individual operator)|
|– antique trader||– FX businesses (juristic person operator)|
|– car high-purchase operator||– gold and jewelry trader|
|– car trader||– ICO portal|
|– commercial bank||– insurance company|
|– co-op||– payment businesses|
|– credit card company||– personal loan operator|
|– derivatives businesses||– real estate agent|
|– digital asset businesses||– securities company|
|– financial advisor||– SPV under securitization law|
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If you would like to obtain legal support on specific issues such as preparing or updating your organization’s AML/CFT policies and manuals, providing AML/CFT trainings, analyzing in-depth AML/CFT issues such as internal risk assessment, KYC/CDD process, transaction monitoring process, reporting obligations, etc., please do not hesitate to contact us