6 Legal Duties of Cooperatives Under the Anti-Money Laundering Act B.E. 2542 (1999)

6 Legal Duties of Cooperatives Under the Anti-Money Laundering Act B.E. 2542 (1999)
Under the Anti-Money Laundering Act B.E. 2542 (1999), certain businesses must comply with strict reporting and compliance requirements. Cooperatives are classified as Section 13 businesses, alongside banks, financial institutions, and insurance companies, and are therefore required to follow six key obligations.

The 6 Duties of Cooperatives
1.Establish AML/CFT Policies and Procedures
Develop and implement clear policies, operational manuals, and internal guidelines to prevent money laundering and the financing of terrorism.

2.Verify Customer Identity (KYC)
Conduct Know Your Customer (KYC) checks to authenticate customer information and verify supporting documentation.

3.Conduct Customer Due Diligence (CDD)
Assess customer risk levels before entering into business relationships or processing transactions.

4.Implement Internal Controls and Staff Training
Set up internal safeguards and train relevant personnel to detect and prevent money laundering activities.

5.Report Suspicious Transactions
Notify the Anti-Money Laundering Office (AMLO) of transactions that appear unusual or carry high risks.

6.Maintain Records for Traceability
Store KYC data for at least 5 years and CDD data for 10 years, ensuring accessibility for audits or investigations.

CHECK+ Your Compliance Partner
Whether your business falls under Section 13 (banks, cooperatives, insurance) or Section 16 (gold, jewelry, antiques, real estate, used cars), CHECK+ streamlines compliance with:
>Automated KYC and CDD processes
>Suspicious transaction reporting
>Secure, legally compliant data storage

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