The Anti-Money Laundering Act B.E. 2542 (the “AML Act”) was recently amended by Amendment No. 5 which took effect on 9 October 2015. The new amendment makes changes to provisions to be in-line with the current anti-money laundering situation, to increase enforcement efficiency, and to conform to international standards. Key changes are as follows
1. Additional predicate offenses
Additional predicate offenses have been added such as offenses relating to human trafficking, online gambling, and offenses relating to unfair practices in relation to derivatives and agricultural commodity futures.
2. Expanded scope of money laundering offenses
The AML Act now includes “knowingly acquiring, possessing or using Assets Connected to Illegal Activities” as one of the acts that is considered as a money laundering offense.
3. Onboarding policy and customer due diligence
The AML Act now subjects all types of Reporting Entities under section 16 of the AML Act (instead of only Financial Institutions and certain types of Reporting Entities) to the obligations under section 20/1 to (a) stipulate a policy on onboarding clients and risk management and (b) conduct customer due diligence (CDD), in accordance with ministerial regulations.
and more…