The Anti-Money Laundering Office (Amlo) will require financial institutions to check depositors’ accounts for possible money laundering.
Amlo secretary-general Sihanart Prayoonrat said yesterday that the new measure will take effect on Tuesday, Aug 21. Banks will be asked to freeze accounts that are suspected of being used for money-laundering activities. According to Pol Col Sihanart, financial institutions must ask their clients to explain why money is being transferred.
They must verify that their depositors have clear sources of income and that these sources justify the amounts of money moving through the accounts. This information must be shared with Amlo, he said.
Banks must also stop any suspicious transactions, close any accounts that show abnormal movements of money and report any irregularities, the Amlo secretary-general said. Financial institutions that fail to follow the instructions will be fined 500,000 baht per account and an additional 5,000 baht a day until they comply, he added.
The new regulations will apply to banks, electronic payment service providers, the Stock Exchange of Thailand, non-life insurance firms, credit unions, foreign exchange and money transfer service providers, fund management companies, agricultural futures trading companies and gold futures trading companies.
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