Anti- Money Laun­der­ing Law Strength­ened

Thai-American Business (T-AB) Magazine - - Legal Updates -

The Anti- Money Laun­der­ing Act B. E. 2542 ( the “AML Act”) was re­cently amended by Amend­ment No. 5 which took ef­fect on Oc­to­ber 9, 2015. The new amend­ment makes changes to pro­vi­sions to be in- line with the cur­rent anti- money laun­der­ing sit­u­a­tion, to in­crease en- force­ment ef­fi­ciency, and to con­form to in­ter­na­tional stan­dards.

Key changes are as fol­lows: ad­di­tional pred­i­cate of­fenses added; ex­panded scope of money laun­der­ing of­fenses; on­board­ing pol­icy and cus­tomer due dili­gence re­quired; non- dis­clo­sure obli­ga­tions im­posed; com­pli­ance by trained staff re­quired; ex­tended CDD record keep­ing; co­or­di­na­tion with other reg­u­la­tors im­proved.

For more in­for­ma­tion con­tact Baker & Mcken­zie at kullarat. phongsatha­porn@ bak­erm­cken­zie. com.

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