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Please confirm that Thai banks do not transfer suspicious money.
Date Sep 24, 2020 at 1:57 PM
The Bankers Association of Thailand insists that all banks comply with The AMLO is strictly
According to news reports from the International Association of Investigative Journalists (ICIJ), several financial institutions from various countries, including four banks in Thailand, have been involved in suspicious money transfer transactions since 1999, citing documents. From the United States Financial Crimes Enforcement Network (FinCEN).
Mr. Phayong Srivanich, Chairman of the Bankers Association of Thailand, revealed that the Bankers Association of Thailand and the member banks have always attached great importance to compliance with the rules and practices of the Anti-Money Laundering Law. Each bank has established policies and procedures in accordance with international laws and standards. That it has a process to get clients and prove their identity. Review of the client list and the list of countries that prohibit transactions (sanction). 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)
In addition, 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 such cases Thailand Bankers Association Has coordinated with relevant regulators. Both the Bank of Thailand (BOT) and AMLO have been closely examining the referenced information that they are not yet able to know the accuracy and details of the clear documents. It is only assumed that if obtained from FinCen, it would be a suspicious transaction report from a US financial institution Under US law What is a normal operating process It does not mean that reported transactions are always involved in illegal activity. As the Bank of Thailand has previously provided details
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