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The AML / CFT laws have recently been changed in Thailand. Before the new legislation, money laundering precedents were not rare which led to the need of updating the existing laws. The Anti-Money Laundering Office stated that the amount of money laundered reached the point of 12% of Thailand’s GDP.
Several illegal types of business were involved in money laundering in the country:
Meanwhile, the income generated in illegal gambling represented a major part of the money that was legalized in Thailand. From now, the new AML legislation is aimed at stopping such illegal activities.
Firstly, it is important to keep in mind when registering a business in Thailand that the AML law has been changed. The updates include:
For those interested in opening and registering a crowdfunding platform, experts from COREDO are here to provide their help. The advice of qualified specialists is truly necessary for such situations. Contact COREDO to receive a professional consultation about choosing the right jurisdiction for creating a P2P platform or about starting a crowdfunding platform in Thailand.
Secondly, do not forget about the changes made to the CFT law. The updates on the legislation governing the financing of financial crimes are crucial to take into account before obtaining a financial services provider license in Thailand.
The main update in this category involves providing an exemption to financial institutions when it comes to the processing of frozen funds and assets if interest or other income are not received legally.
The CDD rules in Thailand have been replaced as well. Before starting a financial activity in the country make sure to learn about the differences of the new legislation compared to the previous one. The financial authorities of Thailand have amended Customer Due Diligence rules in order for them to line up with international standards and give comprehensive guidelines for the presented requirements.
Starting from 2020, financial companies in Thailand are required to:
The inter-governmental body the Financial Action Task Force has stated that the Kingdom of Thailand has been amending its anti-money laundering strategies significantly. Thanks to this progress Thailand has been removed from the list of countries with high money laundering levels. The country has since moved to the second group on the list of FATF’s special control. Moreover, local authorities of Thailand demonstrate openness to cooperation in fighting illegal financial activities.
Do you still have any questions about the legislative amendments in Thailand and wonder how they will influence the businesses there? You can contact COREDO and arrange a personal consultation on this topic.