[ad_1]
National Bank does not criticize 4 Thai banks for suspicious money transfers
Date Sep 23, 2020 at 4:20 PM
The BOT states that Thai financial institutions strictly report suspicious transactions under the AMLO law.
Mr. Chaturong Chantharang, Deputy Governor Supervision of Financial Institutions Line 1 The Bank of Thailand (BOT) clarified that the BOT has supervised and examined financial institutions to have risk prevention procedures related to money laundering and terrorist financing. This includes AML / CPTF financing for weapons of mass destruction (AML / CPTF) based on customer identification (KYC / CDD), auditing and suspicious transaction reporting. Criteria established by the Anti-Money Laundering Office (AMLO) strictly established by the BOT and AMLO to closely coordinate the supervision of this matter.
When a financial institution finds a suspicious transaction according to AMLO regulations, it is obligated to report it to AMLO, which is called a Suspicious Transaction Report (STR). D. will analyze and examine such data. This does not mean that every transaction reported in STR is always a related crime. Therefore, it must be examined before it can be concluded whether it is related to a crime or not.
In the news event, four Thai financial institutions were involved in a suspicious money transfer transaction. Using information from leaked suspicious transaction reports from the US Financial Crimes Enforcement Network (FinCEN), the information is available to financial institutions in accordance with US law. The duty to report suspicious transactions to FinCEN is normal according to established guidelines. It does not mean that the reported transactions are always involved in illegal activities. However, the reports in the press did not come from FinCEN or any other government agency. Therefore, it is requested that this matter awaits inspection by the relevant departments first.
[ad_2]
