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The Bankers Association of Thailand issued a clarification after 4 Thai financial institutions were listed in FinCEN’s confidential document that they strictly comply with AMLO regulations.
After the International Association of Investigative Journalists (ICIJ) has reported that many financial institutions in many countries. He was involved in an alleged money transfer transaction from 1999 to 2017, including four banks in Thailand. The Bankers Association of Thailand clarified that it emphasized the importance of establishing the working standard of the banking system, including measures to prevent money laundering.
Phayong Sriwanich, President of the Thai Bankers Association He revealed that the Thai Bankers Association and member banks have always attached great importance to strict adherence to the rules and practices of the Anti-Money Laundering Law. Throughout, the Bank has established policies and procedures that comply with international laws and standards. That it has a process to get clients and prove their identity Check the list of clients and the list of countries in which transactions are prohibited (penalty)
The Bankers Association of Thailand also has risk management measures. In addition to continuously reviewing customer transactions Including reporting unusual or suspicious transactions to the Office for the Fight against Money Laundering (AMLO)
At the same time, the Bankers Association of Thailand has attached importance to establishing a banking system standard in accordance with the announcement of the Industry Code of Conduct for all banks to apply. This standard includes compliance with the Anti-Money Laundering Law.
For the case in the FinCEN document that has come out and there is a Thai financial institution on the list Thailand Bankers Association It has coordinated with the relevant regulators. Both the Bank of Thailand (BOT) and AMLO have been closely examining the background information that cannot yet know the accuracy and details of the clear documents.
The Bankers Association of Thailand assumed that if obtained from FinCEN, it would be a suspicious transaction report by US financial institutions. Under US law What is a normal operating process It does not mean that reported transactions are always involved in illegal activities. As the Bank of Thailand has previously provided details
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