Governor of the Bank of Thailand and financial service providers developed a framework to prevent financial sector exploitation for illegal activities, promoting stability, security, and protection for legitimate users.
Mr. Vitai Ratanakorn, Governor of the Bank of Thailand (BOT), stated that the BOT, together with financial service providers under its supervision, jointly developed the “Framework for Safeguarding the Financial Sector from Illicit Activities” with a shared commitment to ensure that the financial sector is not exploited to facilitate illegal activities of any kind. The aim is to promote a financial system that is stable, secure, and trusted, while protecting the public from harm arising from the misuse of financial services.
Under the framework, participating organizations are expected to establish clear strategic direction, policies, and governance arrangements to prevent the misuse of the financial system, and to embed this responsibility as an integral part of corporate governance. They are also expected to translate these principles into concrete and effective preventive measures, supported by minimum standards that are appropriate to the nature of each business and regularly updated with the evolving context.
Participating organizations will also leverage their respective strengths in data analysis, technology, and expertise to optimize surveillance, detection, and response capabilities. Importantly, their cooperation and exchange of information, knowledge, fraud typologies, warning indicators, and good practices with relevant stakeholders across sectors will enhance the collective ability to address increasingly sophisticated fraudulent transactions, which often exploit legal or institutional gaps between agencies. In implementing these measures, appropriate consideration will also be given to balance the impact on legitimate customers, access to financial services, fair competition, as well as innovation.
For its part, the BOT will further strengthen system-wide supervisory standards, including customer and counterparty due diligence, as well as the use of data, technology, and expertise to improve its capabilities to monitor and detect high-risk transactions.
Source : https://www.bot.or.th/en/news-and-media/news/news-20260910.html
