The Thailand Office of Insurance Commission has joined a national preparedness project organised by Thailand’s Anti-Money Laundering Office to prepare the country for its 2028 assessment against international anti-money laundering and counter-terrorist financing standards. The initiative brings together regulators and other public bodies ahead of Thailand’s evaluation under Financial Action Task Force standards as a member of the Asia/Pacific Group on Money Laundering. For the insurance sector, the Office of Insurance Commission highlighted its role in supervising life and non-life insurers, which are treated as financial institutions under Thailand’s anti-money laundering law. Its oversight covers anti-money laundering, counter-terrorist financing and counter-proliferation financing controls, including customer due diligence and know your customer checks, monitoring of business relationships, transaction reporting, compliance, internal control, enterprise risk management, payment processes, fit and proper checks on executives, and supervision of agents and brokers to prevent the sector being used for illicit finance. The Office of Insurance Commission and the Anti-Money Laundering Office are also preparing to sign a memorandum of understanding in 2026 to coordinate supervision of insurance businesses for AML/CFT/CPF purposes. The planned agreement is intended to strengthen information sharing and supervisory effectiveness and support the response to newer forms of financial risk.
Thailand Office of Insurance Commission2026-06-02
Thailand Office of Insurance Commission joins Anti-Money Laundering Office readiness project ahead of 2028 FATF standards assessment
The Thailand Office of Insurance Commission has joined a national preparedness project led by the Anti-Money Laundering Office to ready the country for its 2028 assessment against Financial Action Task Force standards as a member of the Asia/Pacific Group on Money Laundering. It outlined its supervision of insurers’ anti-money laundering, counter-terrorist financing and counter-proliferation financing controls, including customer due diligence, transaction monitoring and oversight of agents and brokers. The Office of Insurance Commission and the Anti-Money Laundering Office plan to sign a memorandum of understanding in 2026 to enhance information sharing and coordinated supervision.