What is AML/CTPF ?
AML/CTPF stands for Anti-Money Laundering and Counter Terrorism and Proliferation of Weapon of Mass Destruction Financing. These measures are aimed at preventing and suppressing money laundering and counter terrorism and the proliferation of weapons of mass destruction financing, which are crimes that pose a serious threat to the economy, society, and national security, as well as the global community. Criminals use financial institutions and groups of professionals involved in finance and investment as channels to commit such crimes. Many countries have given importance to and cooperated in determining solutions to this problem in order to cut off the cycle of such crimes. An international organization called the Financial Action Task Force (FATF) has established international AML/CFT measures called the 40 Recommendations (The Forty Recommendations) for countries to use as guidelines in enacting their own domestic laws.
For Thailand, the agency responsible for overseeing compliance with AML/CTPF standards is the Anti-Money Laundering Office, which is the agency overseeing compliance with Anti-Money Laundering Act B.E. 2542 and the Counter-Terrorism and Proliferation of Weapon of Mass Destruction Financing Act B.E. 2559 (2016)
AML/CTPF Service
- AML Internal Management : Providing consultation on policy planning, problem solving, improving of specialized internal audit program relating to the measures on AML/CTF/CPF (Anti-Money Laundering/Counter-Terrorist Financing/Counter-Proliferation Financing) within organizations, corporation, and businesses, and assisting in determining guidelines, work plan, or policy for anti-money laundering and counter-terrorism financing/proliferation of weapons of mass destruction for business organizations both financial institutions and professionals under the Anti-money Laundering Act B.E. 2542 (1999) and and its amendments.
- AML Risk Management & Compliance : Providing consultation, assisting in preparation of risk management plan, help set a structure of risk management of money laundering and terrorist financing by studying the structure of the business organizations and the risk factors of money laundering and terrorist financing under the anti-money laundering measures in order to assess for threat, vulnerabilities, and search for any possible risks that may occur in the organizations and suggest measures to tackle such risks.
- Information Technology Development and Management : Providing computer software development on AML/CTF/CPF (Anti-Money Laundering/Counter-Terrorist Financing/Counter-Proliferation Financing), Customer Due Diligence (CDD) and risk management software for AML reporting entities. In addition, providing most needed designated list for AML reporting entities, e.g. UNSCR 1267, 1985, 1781, 2231, and 1373 (Thailand) list as well as other risk (e.g. Portal Vessel/USA and some major international sanction list). The Company develops also list of domestic political exposed persons (PEPs) for AML risk management.
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