Has your organization been effectively in compliance with the money laundering laws?
Have you strengthened your internal control on AML or not ?.
The Anti-Money Laundering Act, B.E. 2542 and its amendments, not only being the law that has the strength to deal with assets of criminals or offenders in 29 predicate offences, but also being the law that imposes obligations on business operators, both financial institutions and ten business groups to establish certain measures on self-identification of customer, risk management on Anti-Money Laundering and Countering the Financing of Terrorism and Proliferation Financing within the organization, customer due diligence (CDD), risk management of products and services, as well as measure on "internal control" within the organization.
The Ministerial Regulation on Customer Due Diligence B.E. 2563 (2020), Article 49, paragraph 2, requires financial institutions and professions under section 16 to have an "independent internal audit mechanism" on the anti-money laundering within the organization. Also the Notification of the Anti-Money Laundering Office on prescribing and implementing policies and procedures on internal control of financial institutions and professions under section 16, B.E. 2564 (2021) requires them to have a department, staff, or external auditors responsible for internal audits being independent from the practice and work performance on anti-money laundering and counter-terrorism and proliferation of weapon of mass destruction and its financing within the organization in order to examine the implementation and compliance with the laws on Anti-Money Laundering and Countering the Financing of Terrorism and Proliferation Financing. To achieve the independence in auditing, we hereby would like to offer the service of internal control (audit) on AML/CFT/PF * for your organization by preparing a "report of internal control result (auditing) on AML/CFT/PF presenting to the management of your organization in order to comply with such AMLOs Notification.
AML/CFT/PF: Anti-Money Laundering and Countering the Financing of Terrorism and Proliferation Financing
The following are 29 predicate offences:
Source: AMLO website
OUTSOURCING AML/CTPF INTERNAL CONTROL
Operated by a team of experts in Anti-money Laundering Law
Operational Procedures
Step 1: Assignment of a Coordinator for Internal Control (Audit) on AML/CTF/FP
Hold a meeting with the company's working group and the audit team to designate the personnel who will be responsible for coordinating the matters. These personnel will be the person receiving list of documents that the auditor requests in order to examine compliance with the law, such as:
Step 2: Auditors Conduct Document Review (Offsite)
Upon receipt of documents related to legal compliance, the audit team will review all documents against compliance with the Anti-Money Laundering Act (AMLA) and the Counter-Terrorism and Proliferation of Weapon of Mass Destruction Financing Act (CTPF Act)
The audit team will conduct the audit in accordance with the Audit Program, which is based on the Anti-Money Laundering Act B.E. 2542 (AMLA) and its amendment, the Counter-Terrorism and Proliferation of Weapon of Mass Destruction Financing Act B.E. 2559 (2016) (CTPF Act) and its amendment, relevant Ministerial Regulations, rules, AMLO Committee Notification, and AMLO Notifications.
Upon completion of the review, the audit team will report the preliminary document audit results and coordinate with the company's working group to inform the plan to inspect the compliance with the law at the company's premises/offices. In this step, the audit team will request an appointment and coordinate the following actions:
Step 3: Onsite Inspection of Compliance
The audit team will inspect the Companys compliance with the AMLA and the CTPF Act at the Companys premises or office where personnel, documents, and information are collected. The inspection team will proceed as follows:
Appointment is made for onsite inspection whereas the Company will designate personnel responsible for work related to compliance with the AMLA and the CTPF Act in the following sections (at least):
When inspecting each department, the audit team will inquire about facts, work details, work procedures, and relevant information, referring to the policies or procedures/practices that the department is responsible for or follows, including referring to the provisions of the AMLA and CTPF Act related to that department.
In the audit of the performance of each department, the audit team may request additional information, statistics, document samples, and work systems in addition to the documents received in the first and second steps to ensure that the department being audited has truly performed its work in accordance with the policies, practices, or laws.
When the audit is complete according to the Audit Program, the audit team will collect, analyze, and prepare a report on the results of internal control (audit).
Step 4: Preparation of Internal Control Report (Audit)
Upon completely obtaining of the information, facts, and additional documents obtained from the Offsite and Onsite audits, the audit team will prepare an internal audit report on compliance with the Anti-Money Laundering Act, and Counter-Terrorism and Proliferation of Weapon of Mass Destruction Financing Act. The internal control report (audit) will consist of:
Step 5: Meeting to present the results of internal control (audit) to relevant persons
After submitting the internal control (audit) report to the company, the audit team will schedule a meeting with the organization's senior executives, relevant personnel in the departments/divisions/sections related to compliance with the AMLA, and the CTPF Act including the working group in this project, in order to present the internal audit report, which will allow the executives to acknowledge and understand the necessity to act in accordance with the internal audit results. Also, this to allow personnel in the relevant departments/divisions/ sections to ask questions or request advice on how to act according to the internal audit report effectively.
Results