Anti- Money Laundering Law Strengthened
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.