49. The mutual evaluation review (MER) by the Asia Pacific Group disclosed areas for
improvement in AML/CFT supervision. The AMLO is the primary regulator but the BoT also plays
an important role. The MER identified gaps in the AML/CFT standards. For example, identification of
beneficial owner is not always required to be identified, there is no explicit requirement for PEP
source of wealth to be identified, and originator and beneficiary information for wire transfers is not
required for transactions originated by non-customers of the bank. There is no requirement to file
suspicious transactions reports (STRs) for transactions between government entities, including state
owned enterprises (SOEs). Amendments to legislation are undergoing the approval process to
address these shortcomings.
Table 1. Thailand: Summary Compliance with the Basel Core Principles
Supervisory Powers, Responsibilities, and Functions
Principle 1
Responsibilities, Objectives, and Powers
Comments
The BoT has objectives and the necessary legal powers to conduct ongoing supervision,
address compliance with laws and undertake timely corrective actions to address safety
and soundness concerns for banks. In the areas where the MOF decides based on
recommendation of the BoT (licensing of a bank, revoking a license, and approving
non-Thai shareholders and directors), there have been no instances where the MOF has not
followed the BoT’s recommendations.
Although, the BoT has been delegated statutory power in supervising SFIs according to
section 120 of FIBA and three supervisory authorities have agreed to develop a framework
for responsibilities of each party, there still be a mix of roles in practice. Furthermore, the
BoT is empowered to issue SFIs' regulations with approval of the MoF but not
corresponding powers to take corrective action against problems in SFIs. This incomplete
transfer of responsibilities may potentially expose the BoT to reputational risk especially
when an SFI encounters problems. This is resulting from a misperception of its supervisory
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