The Thai government has approved a draft law proposed by the Anti-Money Laundering Office (AMLO), under which electronic transactions exceeding 50,000 THB will be subject to monitoring, according to The Nation Thailand.
Background
In accordance with international standards, Thailand currently does not comply with 17 requirements related to the prevention of money laundering and terrorist financing.
Businesses Subject to Inspection
Financial institutions and businesses falling under Section 16 of the Anti-Money Laundering Act must undergo inspection. These include:
- trade in precious stones
- gold and jewelry trading
- automobile trading
- real estate brokerage services
- trade in antiques
Suspicious Transactions
If suspicious transactions are identified:
- all operations of the business may be suspended
- information will be forwarded to the Anti-Money Laundering Office (AMLO)
Requirements for Individuals
Individuals who:
- transfer more than 50,000 THB abroad, or
- receive such transfers
must provide their identification details to the bank before the transaction can be completed.
Source: The Nation Thailand