Thailand Issues Guidelines On Customer Due Diligence For Insurance Companies

Thailand's Anti-Money Laundering Office has released new guidelines on customer due diligence (CDD) for insurance companies to outline anti-money laundering and counter-terrorism financing measures based on the Anti-Money Laundering Act B.E. 2542 (1999). The previous guidelines were revoked and replaced by these guidelines.

The guidelines include seven key measures:

1. Anti-money laundering and counter-terrorism financing policy: Insurance companies must establish a policy in Thai that outlines the organization's approach to assessing, managing, and mitigating risks related to money laundering, terrorism financing, and proliferation.
2. Risk management framework: Insurance companies' frameworks for risk management are to be divided into three stages: (1) internal risk management, (2) risk assessment before customer onboarding, and (3) ongoing customer risk management.