Mrs. Pornnong Bussaratakul, Secretary-General of the Securities and Exchange Commission (SEC), revealed that the SEC has been consulting with securities and futures business operators to enhance standards for customer identification and factual verification. This aims to increase effectiveness in preventing financial crimes by tightening and expanding the processes of Know Your Customer (KYC) and Customer Due Diligence (CDD).
The SEC will set operational guidelines for securities and futures businesses to align with the Anti-Money Laundering Office (AMLO), ensuring a unified approach. Elevating KYC/CDD standards is part of measures to block illicit funds, preventing capital markets and digital assets from being used as channels for money laundering and technology-related crimes. Previously, the SEC improved criteria for reviewing major shareholders of operators to cover beneficial owners, including indirect shareholders and persons exercising joint control, to bolster credibility and confidence in the industry and capital market overall.
Currently, the SEC is gathering feedback from the Thai Securities Companies Association (ASCO), the Association of Investment Management Companies (AIMC), and business operators to refine practical guidelines without imposing burdens. The measures are expected to be announced for implementation by April.