The Office of Insurance Commission (OIC), Thailand's insurance regulator, is continuing efforts to prepare for the assessment of its compliance with international standards on anti-money laundering and countering the financing of terrorism (AML/CFT).
As a member of the APAC Group on Money Laundering, Thailand is scheduled to undergo an assessment of its AML/CFT compliance by the Financial Action Task Force in 2028. The assessment is a mechanism that reflects the effectiveness of a country’s legal system, regulatory oversight and risk management.
As the regulatory body for the insurance segment, the OIC ensures both life and non-life insurers have risk management systems and internal measures that comply with AML/CFT principles, including customer due diligence, relationship management, transaction reporting to the Anti-Money Laundering Office (AMLO) and risk management initiative that prevent insurers from being used as channels for financial offenses.
The OIC and AMLO are currently preparing to sign a memorandum of understanding (MoU) regarding the coordination of the supervision of insurance businesses for the purpose of preventing and suppressing money laundering, countering the financing of terrorism and combatting the proliferation of weapons of mass destruction by 2026.
The MoU also aims to strengthen mechanisms for information exchange, alignment with international standards and enabling the OIC and AMLO to respond promptly to new forms of financial risks.