The Thailand Securities and Exchange Commission has filed a criminal complaint with the Economic Crime Suppression Division against Finansia Syrus Securities Public Company Limited over deficiencies in its Know Your Customer and Customer Due Diligence systems. The SEC found the firm’s controls were not robust enough to identify and verify customers’ true identities and ultimate beneficial owners, or to apply enhanced checks in cases involving potentially unusual or suspicious transactions. The conduct was treated as a breach of Section 113 of the Securities and Exchange Act B.E. 2535 (1992), subject to penalties under Section 282. The findings followed a routine risk-based inspection of the firm’s operations and a further review of systems against the backdrop of reports that transactions in companies listed on the Stock Exchange of Thailand may have been linked to technology crime or money laundering. For the period from 1 April 2024 to 21 December 2025, the SEC found that Finansia Syrus did not adequately identify ultimate beneficial owners, including the ultimate shareholders of foreign corporate customers, did not verify the rationale for significant increases in customer credit limits, and did not carry out enhanced due diligence or intensified monitoring where transaction activity appeared inconsistent with customers’ documented financial capacity. The cases cited included high-value margin deposits, receipt of securities and share subscription transactions by foreign corporate customers with low registered capital, unreliable or unaudited financial statements, or no clear reliable source of income. The SEC also found the firm did not adequately assess those activities for possible Suspicious Transaction Reports to the Anti-Money Laundering Office. The case now moves into the criminal enforcement process, starting with investigation by the inquiry official, followed by prosecution by the public prosecutor and adjudication by the court. The SEC said it will monitor the proceedings and cooperate with relevant agencies.
Thailand Securities & Exchange Commission2026-06-05
Thailand Securities and Exchange Commission files criminal complaint against Finansia Syrus Securities over KYC and customer due diligence failures
The Thailand Securities and Exchange Commission filed a criminal complaint against Finansia Syrus Securities Public Company Limited for KYC and CDD deficiencies, treating the conduct as a breach of Section 113 of the Securities and Exchange Act B.E. 2535 (1992) with penalties under Section 282. A risk-based inspection found failures between 1 April 2024 and 21 December 2025 to identify ultimate beneficial owners, justify significant credit limit increases, apply enhanced due diligence to unusual transactions, and assess activities for possible Suspicious Transaction Reports to the Anti-Money Laundering Office.