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Preventive measures

UPDATE05 Jun 2016

The AML/CFT supervisory authority of the Anti – Money Laundering Office has become clearer since the enactment of the AMLA (No. 4) B.E. 2556 (2013) and the AMLA (No. 5) B.E. 2558 (2015). Sections 40 (3/1) and (4) of this AMLA prescribes that the AMLO is the main state authority entrusted with the AML/CFT regulation and supervision in Thailand in cooperation with the sector specific supervisors. Section 40 (3/1) (4) of the AMLA authorizes AMLO to supervise, monitor and evaluate FIs while REs shall follow AMLO’s regulations, best practices as stipulated. The regulatory duty of the AMLO includes.

1) Control and supervise the reporting entities in AML/CFT, including on-site and off-site examinations. When resources were allocated for AML/CFT supervision and determining the frequency and concentration of inspections and examination.
2) Classification and determining the suitability of an individual to be owned, controlled, or involve (directly and indirectly) in administration or management of the reporting entities.
3) Provide information or support officer in the investigation or legal action relating to predicate offense or money laundering offense.
4) Prepare an agreement on cooperation or exchange of information with other competent authority.
5) Ensure that those reporting entities and their international branches comply with the law as well as branches of foreign banks in the country. In addition to measures under Section 43, the reporting entities which is unable to identify risks, of branches in other countries and foreign branches in Thailand, AMLO will consider as a regulatory breach.
6) Cooperate with foreign counterparts.
7) Collect statistics on measures and sanctions relating to AML/CFT.

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