The Bank of Thailand and financial firms are stepping up efforts to prevent the financial system from being used for illegal activities.
The initiative will strengthen how institutions identify suspicious transactions and respond to emerging threats.
It covers governance, information sharing, customer checks and technology-based monitoring.
Financial service providers will be expected to introduce safeguards suited to their business models and update them as risks evolve.
They will also share information on fraud methods and warning signs to help close gaps across the industry.
BOT plans to tighten customer and counterparty checks, with closer scrutiny of high-risk cash transactions.
Eleven industry groups representing banks, payment providers, foreign exchange businesses and non-bank lenders are involved.
They include the Thai Bankers’ Association, Association of International Banks and Thai E-Payment Trade Association.
Participants will also develop a database of high-risk individuals linked to Thailand’s Central Fraud Registry.
Industry-wide guidelines on preventing money laundering and terrorism financing are also planned.
The measures aim to strengthen protections without restricting legitimate customers’ access to financial services.
Featured image: Edited by Fintech News Singapore, based on image by Who is Danny via Magnific
