New! AMLO Law: Essential Updates for Gold, Diamond, and Gemstone Businesses
Last updated: 18 Jun 2025
111 Views
New AMLO Regulations: What Gold, Diamond, and Gemstone Businesses Need to Know
The Anti-Money Laundering Office (AMLO) in Thailand has introduced new regulations impacting gold shops, diamond dealers, and gemstone businesses. These businesses, categorized under Ministerial Regulation Section 16, are now required to implement Know Your Customer (KYC) procedures and report suspicious transactions.
Key Requirements for Businesses Under Section 16:
Here's a summary of what gold shops and other businesses falling under Section 16 must do:
1.Know Your Customer (KYC): Businesses must verify customer identity by requiring proof of identity, such as a national ID card, for all transactions. This information must be verified before any sale or purchase.
2.Customer Due Diligence (CDD) / Name Screening: It's crucial to screen customers to determine if they are considered suspicious or pose a risk for transactions. You might unknowingly be dealing with individuals under legal surveillance or those with a history of money laundering activities.
3.Acknowledge and Disseminate AML Policies: Business owners must formally acknowledge anti-money laundering policies and ensure all staff members are aware of and adhere to them.
4.Undergo AMLO Training (CA): Businesses are required to participate in training sessions provided by AMLO regarding these new regulations.
Report Suspicious Transactions: If you encounter a suspicious transaction, you must report it to AMLO. This can be done in person, via mail, or electronically. Failure to report suspicious transactions can lead to a fine of up to 200,000 Baht, imprisonment for up to 10 years, or both.
Streamlining Compliance with CHECK+ by Fynnet Ventures
Complying with these new regulations can seem complex. Fynnet Ventures offers a solution called CHECK+, an application designed to assist businesses under Section 16 in meeting these requirements professionally and legally. CHECK+ offers an easy-to-use, convenient, and fast all-in-one solution:
1.Customer Verification (KYC): Seamlessly verify customer identities.
2.Name Screening System: Efficiently screen individuals to identify potential risks.
3.Direct AMLO Reporting: Report suspicious transactions directly to AMLO with a single click within the app.
4.Customer Data and Transaction Records: The system stores customer information and purchase/sale records, reducing manual entry errors.
Interested in trying CHECK+?
Email: sales@fyn.com
Line@: @checkplus (Click here: https://lin.ee/x0s2xdg)
Tel: 02-219-5559 | 065-915-8222
Facebook: CheckPlusByFynnet
For more detailed information on the Ministerial Regulation, please refer to: https://www.goldtraders.or.th/DOWNLOADS/AMLO/ANNOUNCED_MINISTRY16_KYC.PDF
The Anti-Money Laundering Office (AMLO) in Thailand has introduced new regulations impacting gold shops, diamond dealers, and gemstone businesses. These businesses, categorized under Ministerial Regulation Section 16, are now required to implement Know Your Customer (KYC) procedures and report suspicious transactions.
Key Requirements for Businesses Under Section 16:
Here's a summary of what gold shops and other businesses falling under Section 16 must do:
1.Know Your Customer (KYC): Businesses must verify customer identity by requiring proof of identity, such as a national ID card, for all transactions. This information must be verified before any sale or purchase.
2.Customer Due Diligence (CDD) / Name Screening: It's crucial to screen customers to determine if they are considered suspicious or pose a risk for transactions. You might unknowingly be dealing with individuals under legal surveillance or those with a history of money laundering activities.
3.Acknowledge and Disseminate AML Policies: Business owners must formally acknowledge anti-money laundering policies and ensure all staff members are aware of and adhere to them.
4.Undergo AMLO Training (CA): Businesses are required to participate in training sessions provided by AMLO regarding these new regulations.
Report Suspicious Transactions: If you encounter a suspicious transaction, you must report it to AMLO. This can be done in person, via mail, or electronically. Failure to report suspicious transactions can lead to a fine of up to 200,000 Baht, imprisonment for up to 10 years, or both.
Streamlining Compliance with CHECK+ by Fynnet Ventures
Complying with these new regulations can seem complex. Fynnet Ventures offers a solution called CHECK+, an application designed to assist businesses under Section 16 in meeting these requirements professionally and legally. CHECK+ offers an easy-to-use, convenient, and fast all-in-one solution:
1.Customer Verification (KYC): Seamlessly verify customer identities.
2.Name Screening System: Efficiently screen individuals to identify potential risks.
3.Direct AMLO Reporting: Report suspicious transactions directly to AMLO with a single click within the app.
4.Customer Data and Transaction Records: The system stores customer information and purchase/sale records, reducing manual entry errors.
Interested in trying CHECK+?
Email: sales@fyn.com
Line@: @checkplus (Click here: https://lin.ee/x0s2xdg)
Tel: 02-219-5559 | 065-915-8222
Facebook: CheckPlusByFynnet
For more detailed information on the Ministerial Regulation, please refer to: https://www.goldtraders.or.th/DOWNLOADS/AMLO/ANNOUNCED_MINISTRY16_KYC.PDF
