de | cn | ru

Market News

Thailand’s AML laws will also apply to crypto exchanges

Aug 05 2019
By
Jonathan Smith

 

The Secretary-General of the Thai Anti-Money Laundering Office (AMLO) stated that the existing anti-money laundering (AML) rules in Thailand will be amended as to also cover cryptocurrencies and prevent their use for illicit activities, as reported by local news media BangkokPost.

 

The authorities plan to include in the Anti-Money Laundering Act requirements for crypto exchanges to report to the AMLO. These provisions would correspond to the international standards on digital asset service providers. For example, the pan-European directive, dubbed “AMLD5” also brought crypto exchanges and wallet providers under the scope of EU anti-money laundering rules. 

 

The Secretary-General and Police Major General Preecha Charoensahayanon stated that although currently there isn’t evidence of cryptos being used as a tool for money laundering,  that doesn’t mean the wrongdoing does not occur.

 

The move definitely helps Thailand strengthen its position as a blockchain hub in Asia. The country is also a member of the international money-laundering organization Financial Action Task Force (FATF). The latter recently issued recommendations for member countries to require crypto exchanges to register with relevant authorities and to monitor and report suspicious transactions. It also included a requirement for crypto service providers to exchange information about their customers with one another when transferring funds between firms.

TAGS: Thailand  regulation  cryptocurrency  crypto exchanges 
Forex
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

More Forex Market News

$3,5 bln Bitcoin Ponzi scheme Plus Token pressures the markets

Aug 15 2019 17:42:11

The fraudsters behind the China based Ponzi scheme Plus Token are dumping bitcoins worth over 3.5 billion USD on exchanges around the globe, and that is creating a selling pressure on the markets, venture capitalist Dovey Wan warns. Read more

Spain’s CNMV blacklists EurTrades, Trade100, and Key Markets

Aug 14 2019 13:54:57

  The Comision Nacional del Mercado de Valores (CNMV) updated its warning list on Wednesday with several offshore brokers - EurTrades, Trade100, and Key Markets. These entities are not authorized to provide investment services or investment advice in Spain, the CNMV said. Read more

Former binary options broker iTrader to be indicted in Israel

Aug 13 2019 14:07:37

  Israel’s state prosecutor announced that it intends to indict the company behind former binary options broker iTrader, its owner and senior officials, on charges of aggravated fraud and providing investment advice without a license. The company Gal Media Trade Ltd. Read more

CySEC warns of fake recovery agents claiming to be its employees

Aug 12 2019 20:32:52

  The Cyprus Securities and Exchange Commission warned against fraudsters impersonating its officers who are running a recovery room scam. Read more

Aussie crypto scam worth A$2.7 million busted, five arrested

Aug 08 2019 15:46:37

  A criminal group in Gold Coast, Australia were arrested for allegedly scamming over 100 Australians with A$2.7 million in cryptocurrency investment. Read more

EtherDelta investigated for exit scam

Aug 07 2019 12:01:50

  Chinese police are reportedly taking legal action against cryptocurrency exchange EtherDelta in connection with an alleged exit scam.    The news was actually reported in a series of tweets by the ex-owner and founding partner of the exchange Dovey Wan. Read more

BaFin warns against 4xincome, orders it to cease operations

Aug 06 2019 15:44:28

  The German Federal Financial Supervisory Authority (BaFin) blacklisted unregulated forex broker 4xincome and ordered it to cease operation in the country. The regulator said that this broker offers German clients trading in forex and various CFDs thorough its website 4xincome. Read more

ASIC warns against Alpha Financial Group, MGM Markets, and Brokerz.com

Aug 02 2019 16:06:03

  The Australian Securities and Investment Commission (ASIC) has updated its warning list today with Alpha Financial Group, MGM Markets, Brokerz.com, and several other unregulated brokers. Read more

US court orders forex scammer from Texas to pay almost $3 million

Aug 01 2019 12:27:56

  US Federal Court ordered defendant Kelvin O. Ramirez to pay nearly $3 million after he was found guilty of fraudulently soliciting and misappropriating funds from clients in a forex trading scheme, as announced by the US Commodity Futures Trading Commission (CFTC) in mid-July. Read more

The FCA flags several clones of Darwinex

Jul 31 2019 12:39:25

  UK's Financial Conduct Authority (FCA) alerts investors of StockotradeFX, Ultimatecryptofx, and Tradevibefx. These websites are wrongfully using the details of Darwinex – a duly licensed broker with which the abovementioned entities are not associated in any way. Read more

de | cn | ru