Cabinet okays plan to inspect e-bank transfers of above Bt50,000
Deputy Government Spokesman Rachada Dhnadirek said the Cabinet has approved a draft bill proposed by the Anti-Money Laundering Office (AMLO) to inspect electronic transactions exceeding Bt50,000, in a move to combat money laundering and financing of terrorists.
According to international standards, Thailand has been found lacking on 17 issues in relation to preventing money laundering and the financing of terrorism.
Financial institutions and businesses that come under the Anti-Money Laundering Act’s Section 16, such as gem dealers, car dealers or real-estate brokers, must undergo assessment. All transactions will be stopped and reported to AMLO if any signs of risky behaviour are detected.
Individuals who send more than Bt50,000 overseas and the recipient will have to provide their identification and information to banks before the transfer is completed.