Nod for new financial checksThe cabinet has approved a draft regulation which would allow financial institutions to scrutinise their customers' source of money, to prevent money-laundering and terrorist financing. "The draft contains a set of improved criteria to examine the information of financial institutions' customers," said Ms Rachada. The draft regulation requires financial institutions and business operators as listed under Section 16 of the Anti-Money Laundering Act to assess their customers' activities to reduce the risk of money laundering and/or terrorist financing. Under the draft regulation, the businesses will be required to suspend business transactions with customers whose financial activities are deemed suspicious, and report them to Amlo. "The problem is the current anti-money laundering law only covers financial institutions, not other businesses," said Ms Rachada.

Source: Bangkok Post October 02, 2019 21:56 UTC