On Monday, the Anti-Money Laundering Office, along with 36 of the main commercial Thai banks and financial institutions discussed tighter security measures for clients wanting to open future accounts.

The meeting follows 4,000 accounts under investigation for criminal activity. Among the security measures would include a more intense screening of the applicant, requiring several forms of identification, including a house registration. Bank staff will also be required to check that the applicant looks similar to the photo on the ID documentation.

Banks were also told to let the Local Administration Department download their programs for further identity verification.

Read the full story here

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Anti-Money Laundering Office Cracks Down on Rare Wood Smuggling in Thailand

Image: Thai Farmers Bank

Thailand’s Anti-Money Laundering Act (the “AML Act”) has been strengthened as of 9th October 2015.

The amendment changes the law to be in line with the current anti-money laundering situation and to conform to international standards and increase enforcement.

Key changes include additional predicate offenses, expanded scope of money laundering offenses and onboarding policy and customer due diligence.

Read more at Global Compliance News.

Business lawyers in Bangkok Chaninat and Leeds understand that starting a business in Thailand or opening a new branch in the Kingdom can be a daunting task. We have decades of experience helping foreigners start successful businesses in Thailand.