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THAILAND: Financial Institutions and Businesses Obliged to Verify Source of Customer Funds

Banks and financial institutions, as well as certain other specified businesses, are to be obliged to verify the source of their customers’ funds when conducting transactions. Among the business sectors where this is to be a mandatory requirement are gem and gold traders; investment consultants; real estate brokers; electronic payment service providers; non-banking credit companies; and antique dealers. All such entities will be required stop trading with any customer whose financial activities are deemed to be suspicious, while also having to inform the country’s Anti-Money Laundering Office (AMLO) of their concerns.

In addition, in the case of any cross-border electronic money transfer in excess of Thai Baht 50,000 (US$1,630), both the despatching and receiving institution will be required to verify the source of the funds as well as the identities of both the sender and the recipient.

The measures form part of the government’s efforts to tackle money-laundering and counter the clandestine funding of terrorism in line with internationally-agreed best practices. The measures were originally proposed by AMLO when the country was found to be in breach of the Financial Action Task Force guidelines, a globally implemented code aimed at boosting financial transparency.

A formal date for the adoption of the measures has yet to be announced.

Content provided by Picture: HKTDC Research
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