A CASE STUDY OF COMPARING KNOW YOUR CUSTOMER CRITERION AND INSPECTING THE FACT ABOUT CUSTOMERS IN THAILAND AND THE UNITED STATES

Abstract

Currently, in order to follow the aim of Know Your Customer (KYC) criterion, financial institutions are require to have the client identification process which can identify and prove the existence of clients. For this reason, the Bank of Thailand (BOT) has revised the Know Your Customer criterion to make it more appropriate and effective by prescribing the ministerial regulation, the Customer Verification criterion 2013, with the purpose that the financial institutions can apply such a rule to their organizations efficiently.

According to the comparison research, the usage of the Know Your Customer criterion in Thailand and the United States has the same direction. The criterion that Thailand and the United States put in to practice is the standard criterion operating under the control of Financial Regulator. It is conformed to the money laundering law, and it also has the measure which is international standard determined by Anti-Money Laundering Office (AMLO) and Financial Action Task Force on Money Laundering (FATF Recommendations.).