Money laundering is an offense which most countries, including Thailand, treat as a top priority to combat. Although it is not an offense that causes death, serious injuries or violation of freedom of an individual, it enables organized crimes to cause damages to countries’ economy and security.
Money laundering is the process of making illegally-gained proceeds (i.e. “dirty money”) appear legal (i.e. “clean”). Typically, it involves three steps: placement, layering and integration. First, the illegitimate funds are furtively introduced into the legitimate financial system. Then, the money is moved around to create confusion, sometimes by wiring or transferring through numerous accounts. Finally, it is integrated into the financial system through additional transactions until the “dirty money” appears “clean”.
Coins TH as financial institutions fall within the scope of the AML-CFT obligations in Thailand, which the Company has implemented systems and procedures aligned to the Thailand AML legislation. This reflects the Company’s desire to prevent money laundering and not be used by criminals to launder proceeds of crime.
Coins TH AML Policy is designed to prevent money laundering by meeting the Thailand AML legislation obligations including the need to have adequate systems and controls in place to mitigate the risk of the firm being used to facilitate financial crime. This AML Policy sets out the minimum standards which must be complied with and includes:
• The appointment of a AML Officer who has sufficient level of seniority and independence and who has responsibility for oversight of compliance with relevant legislation, regulations, rules and industry guidance;
• Establishing and maintaining a Risk Based Approach (RBA) towards assessing and managing the money laundering and terrorist financing risks to the company;
• Establishing and maintaining risk-based customer due diligence, identification, verification and know your customer (KYC) procedures, including enhanced due diligence for those customers presenting higher risk, such as Politically Exposed Persons (PEPs);
• Establishing and maintaining risk based systems and procedures to monitor on-going customer activity;
• Procedures for reporting suspicious activity internally and to the relevant law enforcement authorities as appropriate;
• The maintenance of appropriate records for the minimum prescribed periods;
• Training and awareness for all relevant employees
Coins TH does not deal with individuals and entities that are engaged in illegal activities or terrorist-related activities as circularized by the AMLO, and other international entities or organizations, such as United Nations Sanctions List.
Coins TH ensures that its business is conducted in conformity with the height of ethical standards, that laws and regulations are respected and complied with whenever possible, and that service is not provided where there is good reason to believe that transactions are associated with money laundering activities.
Within the legal constraints relative to client confidentiality, Coins TH cooperates with law enforcement agencies. This includes taking appropriate measures within the law if there are reasonable grounds for suspecting money laundering. The company may disclose some transaction information in order to comply with the Anti-Money Laundering Act.