The Thailand Ministry of Finance outlined plans to extend the country’s Connect the Dots financial data initiative internationally through the Bangkok Blueprint for Fraud-Resilient Financial Services. The Bank of Thailand will present the blueprint at the International Monetary Fund and World Bank Group Annual Meeting on Oct. 14 as a framework for member countries to prevent and disrupt digital financial crime through stronger policy and legal foundations, cross-border detection standards, information sharing and technology-based tracing of international fund flows. Domestically, Connect the Dots links identity, financial behavior and fund-flow data held across government bodies, covering money and capital markets, digital assets, gold and other property. The next phase will include designing a national data-linking system, raising know your customer, customer due diligence and enhanced due diligence standards to levels used by international financial centers, applying the Travel Rule to digital asset transactions, and accelerating the tracking and integration of gold transaction data.
Thailand Ministry of Finance outlines Bangkok Blueprint for cross-border digital financial crime controls
The Thailand Ministry of Finance outlined plans to expand its Connect the Dots financial data initiative internationally through the Bangkok Blueprint for Fraud-Resilient Financial Services. The framework will promote cross-border information sharing and fund-flow tracing, while domestic measures will strengthen customer due diligence, apply the Travel Rule to digital assets and integrate gold transaction data.