Thai Bankers Association backs tight policies on high-risk countries
Association maintains clear policy against financing procurement of weapons, ammunition for military in high-risk countries
The Thai Bankers Association has expressed full support for the Bank of Thailand (BOT) and the Anti-Money Laundering Office (AMLO) in strengthening policies and operational guidelines for financial institutions regarding transactions with high-risk countries.
The association and its member banks say they operate under a strict code of conduct, adhering to responsible business practices towards customers, society, and the global community, while upholding human-rights principles.
The association maintains a clear policy against financing the procurement of weapons and ammunition for military organisations in high-risk countries. Furthermore, it prevents and prohibits financial transactions that support terrorism or wars that result in human-rights violations.
The BOT and the AMLO closely supervise and monitor these activities, contributing significantly to confidence in Thailand's financial system.
In response to the evolving global landscape, the Thai Bankers Association and its member banks are committed to:
- Strengthening Risk Management: Enhancing existing risk-management frameworks within each member bank to address transactions with high-risk countries.
- Improving AML/CFT Measures: Enhancing anti-money-laundering and counter-terrorism financing (AML/CFT) risk-management measures, including internal processes for assessment, monitoring, and alert systems.
- Implementing Enhanced Due Diligence Guidelines: Developing and implementing robust enhanced-due-diligence guidelines and dual-use-items guidelines for the banking sector, serving as minimum standards for opening accounts and establishing relationships with overseas financial institutions.
These measures aim to mitigate the risks of money-laundering, terrorism financing, and the financing of war.
The Thai Bankers Association and its member banks have communicated these guidelines to relevant authorities both within Thailand and internationally, ensuring transparency and collaboration.
