Anti-Money Laundering (AML)
Money laundering is an offence which most countries, including Thailand, treat as a priority to combat. Although it is not an offense that causes death, serious injury or the violation of freedom of the individual, it enables organized crimes to cause injury to countries’ economy and security.
Money laundering is the process of making illegally-earned proceeds (ie “dirty money”) appear legal (ie “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”.
The Anti-Money Laundering Office was designated by the National Corporate Governance Sub-Committee on Commercial Banking, Securities and Insurance Sectors to chair the working group on Anti-Money Laundering and Combating the Financing of Terrorism (AML-CFT) under the Report on the Observance of Standards and Codes (ROSCs). The working group recognized that the KYC / CDD policies are not only helping the MLBs to detect, deter and prevent MLF, they are also a mandate for action if Thailand wishes to be viewed as compliant with international standards in AML-CFT.
Anti-Money Laundering (AML) Policy:
NEW NORDIC GROUP AML Policy is designed to prevent money laundering by meeting the US AML regulatory obligations including the need to have adequate systems and controls in place to mitigate the risk of being used to provide financial crime. This AML Policy sets out the minimum standards that must be complied with and includes:
• The Laundering Reporting Officer (MLRO) who has the 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 terrorist financing risks to the company;
• Establishing and maintaining risk-based customer relationship management (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 appropriate law enforcement authorities as appropriate;
• The maintenance of appropriate records for the minimum prescribed periods;
• Training and awareness for all relevant employees
NEW NORDIC GROUP 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 the Office of Foreign Assets Control (OFAC) of the US Treasury Department and the United Nations Sanctions List.
Money laundering is a serious crime that must be prevented and suppressed in most countries. Including Thailand Wow mother does not take life offense. Or violate one’s ideology. Money laundering has made the crime process a success. And lead to the destruction of the economy and security of the country.
Money laundering is a process that makes illegal money. (Also, known as dirty money) seems to have come legally. In general, money laundering is threefold: illegal money laundering, money laundering, money laundering, and money laundering. It will be introduced into the financial system and then be moved to various places to confuse. Sometimes it can be transferred to many final accounts. This illegally acquired money is integrated into the financial system. By doing other additional transactions. Until this dirty money seems clean.
The Anti-Money Laundering Office was established by the National Corporate Governance Subcommittee By the bank. Insurance companies are working groups. Jointly prevent and suppress money laundering Including protection against terrorist financing. Under the Report on the Observation of Standards and Codes, the KYC/CDD regulations not only help financial institutions detect, deter and prevent money laundering. Including protection against terrorist financing. These regulations also allow Thailand to be a country that complies with international standards on anti-money laundering. Including protection against terrorist financing.
Anti-Money Laundering Policy (AML Policy):
Anti-money laundering policy of the company. It is designed to prevent money laundering in compliance with anti-money laundering laws. This includes the establishment of systems and controls to mitigate the company’s risk. To be used as a crime tool, this policy is a minimum standard that must be adhered to as follows:
• Appointment of money laundering reporter Experienced and able to take responsibility for compliance with the laws, regulations, criteria and guidelines of the sector.
• Establish and maintain risk management. By monitoring and managing the risk of the company. About money laundering and terrorism
• Establish and maintain analytical review Confirmation and KYC procedures at the client’s appropriate risk. Including more thorough investigation and analysis. For customers who may be at higher risk than general clients, such as those with a political affiliation.
• Establish and maintain customer risk monitoring and control systems. And there are steps to keep track of customer movements.
• Steps for transaction reporting or suspicious behaviour. Both within the company. And further legal work involved.
• The evidence is stored appropriately. According to the minimum period set.
• Provide appropriate training to relevant staff.