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Recent Money Laundering Act Regulations

  • June 25, 2011
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New regulations have been promulgated under the Thai Anti-Money Laundering Act (AMLA) and all will be effective by the end of August 2011 (the New Regulations). In brief, the main changes introduced by the New Regulations provide as follows:

  • Additional entities deemed as “Financial Institutions”.  The New Regulations expand the list of entities which constitute “Financial Institutions” under the AMLA.  These entities include entities engaged in the “Futures Contract Business” according to the Futures Contract Act B.E. 2546 or the “Futures Trading Business” according to the Futures Trading of Agricultural Products Act B.E. 2542. These entities will have the same reporting duties applicable to other “Financial Institutions” covered under the AMLA.
  • New reporting forms.  The New Regulations provide for a new set of reporting forms that must be filled out in connection with certain transactions governed by the AMLA.
  • Additional exempted transactions.  The list of transactions exempted from the AMLA’s reporting requirements has been expanded.
  • Reporting to the AMLO.  Certain electronic transfers equal to or greater than 100,000 Thai Baht will be required to be reported to the Anti-Money Laundering Office (AMLO).
  • Reporting requirements for transactions by “Section 16 Persons”.  The New Regulations provide that transactions of a certain threshold engaged by “Section 16 Persons” (as set out in the newly amended Section 16 of the AMLA and which include Persons who advise or engage in investment transactions or the movement of capital, traders of jewelry, gold, or antiques, real estate agents, and non-bank personal loan and credit card providers) will need to be reported.
  • Customer self-identification requirements.  Section 16 Persons and Financial Institutions shall be required to obtain and verify identification details from their respective customers who engage in certain transactions and maintain such information for up to five years.