The Bank of Thailand (BOT) has asked financial institutions to take a close look at customers who are politically involved overseas in order to prevent money laundering and the financing of terrorist activities, Thai media reported Thursday.
The institutions have been told to monitor accounts and transactions by "special" customers and keep records of related documents for at least five years in case of a legal probe, according to a report on the news website of the English newspaper The Nation.
The vigilance is aimed at customers involved in foreign politics, private banking, correspondent banking and those with unclear sources of money, the BOT demanded.
Targets subject to special scrutiny also include those close to any person allegedly involved in money laundering, and those in high-risk careers such as jewelry, precious metals, foreign exchange and illegal lending.
The institutions have reminded to pay special attention to complicated, abnormally large or illegal transactions.
High-ranking executives should be assigned to approve new account applications by these "special" customers.
Source: Xinhua
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