Thailand’s Securities and Exchange Commission (SEC) has outlined a policy of further strengthening enforcement against fraud networks and money laundering, with immediate asset freezes in cases where sufficient evidence exists. Law enforcement coordination, including in the digital asset market, has also been strengthened, with emphasis placed on tracking funds across borders.
Thailand’s SEC announced that it would further strengthen enforcement against fraud networks and money laundering. Assets will be frozen promptly in cases where sufficient evidence exists, and the SEC signaled its intention to strictly monitor fund flows, including in the digital asset market.
The policy of pursuing integrated fund-tracking efforts in cooperation with other investigative agencies, including the Anti-Money Laundering Office (AMLO) and the police, was emphasized. The implications of taking action against parties before the evidence is fully established in complex, cross-jurisdictional cases were also addressed.
Data was presented showing that more than 1 million mule accounts in aggregate had been frozen over the past year, while losses were reportedly kept to around THB 1.7 billion per month. The stated aim is to restore investor confidence and maintain market integrity by strengthening enforcement capabilities across the government and private sectors.
Digital asset-related businesses, including Japanese companies, may be required to tighten KYC procedures and strengthen transaction monitoring. Identifying the ultimate beneficial owners of counterparties and establishing appropriate control frameworks were cited as challenges going forward.