On January 20, 2025, the Thai Gem and Jewelry Traders Association (TGJTA) conducted a hands-on workshop on the Anti-Money Laundering Risk Assessment Center (AMRAC) information system at its seminar room. The event aimed to enhance members' understanding of the system, which supports the submission of information related to assessing risks of money laundering, terrorist financing, and the proliferation of weapons of mass destruction. Participants included gemstone, diamond, gold, and jewelry traders who are obligated to report under Section 16 (2) of the Anti-Money Laundering Act, B.E. 2542 (1999).
The event was inaugurated by Mr. Chomphol Phornchindarak, TGJTA President; Mr. Somchai Phornchindarak, President of the Gem, Jewelry, and Precious Metal Confederation of Thailand; and Ms. Vilasinee Noknaum, TGJTA Secretary-General, alongside the association's committee members. The training was conducted by Mr. Sanpetch Saengthanesawang, Director of the Compliance and Supervision Division, Anti-Money Laundering Office (AMLO), who provided expert knowledge and practical guidance.
This third session targeted members and business operators who have not yet registered for AMRAC or need further clarification. It offered detailed demonstrations to ensure participants could efficiently utilize the system. Designed specifically for the gems, jewelry, gold, and diamond industries, AMRAC facilitates compliance with anti-money laundering regulations, protecting businesses from being exploited by criminal activities.
Adhering to anti-money laundering laws has become a necessity rather than an option. AMLO emphasized the severe consequences of neglecting data submission via AMRAC, which could lead to legal actions under the Anti-Money Laundering Act, B.E. 2542 (1999), amended in 2018. Penalties include fines, business suspension, or legal prosecution if businesses are found complicit in criminal networks.
Key responsibilities of Reporting Entities under Section 16 (2) include:
Suspicious Transaction Reports (STR): Reporting transactions suspected of links to money laundering or illegal activities.
Know Your Customer (KYC): Verifying customer identity and source of funds.
Threshold Transactions: Reporting high-value transactions exceeding 2 million baht.
The training underlined AMRAC's role in safeguarding businesses from involvement in crimes such as money laundering, arms trafficking, narcotics, and terrorism, which can significantly damage the country's economy.
TGJTA remains committed to fostering transparency and trust in the industry, ensuring it continues to drive Thailand's economy sustainably.
For further inquiries or technical assistance with AMRAC, contact Compliance and Supervision Division 7, AMLO, at 0 2219 3600, ext. 5042, 5044, 5049, or 5064.
