AMLO, banks to increase scrutiny on accounts suspected of being related to money laundering

Friday, 20 June 2014 From Issue Vol. XXII No. 26 By  NNT

The National Council for Peace and Order has urged the Anti-Money Laundering Office (AMLO) and all banks to increase scrutiny of bank accounts suspected of being involved in money laundering, after finding that this method of money laundering has become more popular.

General Phaibhun Khumchaya, head of judicial and legal affairs at the NCPO, met with representatives from the AMLO and banks on Wednesday to discuss the issue of money laundering. He explained that money from drug trafficking and gambling was being deposited into banks, while call-center gangs that utilize bank accounts have become increasingly numerous; there are as many as 324 bank accounts being investigated for connection with call- center gangs.

The NCPO asked that banks increase scrutiny of each account owner's first transaction. Should the cash value exceed 2 million baht or should the transaction involve assets worth more than 5 million baht, the AMLO should be asked to step in and probe the account. Gen. Phaibun said that if the money laundering issue can be solved, Thailand's international standing will improve and foreigners will have more confidence investing in Thailand.

Last modified on Friday, 27 June 2014 10:08
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