The Bank of Thailand and financial service providers under its supervision have jointly developed a framework to prevent the financial sector from facilitating fraud and other illegal activities. Participating organizations are expected to embed this responsibility in corporate governance, establish business appropriate minimum preventive standards and strengthen surveillance, detection and response through data, technology and cross-sector information sharing. The framework involves 11 industry bodies, including banking, electronic payment, foreign exchange and non-bank lender associations. Planned measures include stronger know-your-customer, customer due diligence and enhanced due diligence processes, greater scrutiny of high-risk cash transactions, advanced detection of unusual transactions, a high-risk individuals database linked to the Central Fraud Registry and industry-wide anti-money laundering and countering the financing of terrorism guidelines. The Bank of Thailand will strengthen system-wide supervisory standards, improve monitoring of high-risk transactions, promote data sharing and develop measures for emerging risks, while seeking to limit adverse effects on legitimate customers, financial access, competition and innovation.
2026-09-10Bank of Thailand
Bank of Thailand and supervised financial service providers establish framework to combat illicit use of the financial system
The Bank of Thailand and supervised financial service providers have established a framework to prevent the financial system from being used for fraud and other illegal activities. It calls for stronger due diligence, high-risk transaction monitoring, technology-based detection and information sharing, supported by enhanced supervisory standards and a database linked to the Central Fraud Registry.