Thailand intensifies work against corporate fraud

Thailand plans new measures to be in place starting January 1, requiring thorough checks against the list of high-risk individuals for all business registrations.

As reported by Thai English-language news site The Nation, one of the country’s most pressing economic crime issues is fraudsters exploiting corporate registrations to gain public trust and conduct deceptive activities. These criminals normally use registered entities to open bank accounts, facilitating financial transactions while evading scrutiny.

In response, the Thai Department of Business Development (DBD), which oversees business registrations and promotes governance, has stepped up efforts to combat fraudulent corporate accounts. In collaboration with relevant agencies, it is implementing measures to deter and prosecute offenders.

DBD director-general Oramon Sapthaweetham said the department has integrated high-risk individuals flagged for money laundering (HR-03 list) into its systems in collaboration with the Anti-Money Laundering Office (AMLO).

New directives now mandate that applications for partnerships or company registrations, whether made in person or via e-registrations, undergo checks against AMLO’s HR-03 list. This ensures that managers, partners or directors listed in the registration requests are not associated with financial crimes.

Meanwhile, Oramon said that the DBD was enhancing its coordination with law enforcement agencies, such as the Central Investigation Bureau, to link data and conduct thorough inspections. These efforts aim to safeguard Thailand’s economy and citizens from the adverse effects of fraudulent activities.