Thailand's OIC and AMLO Join Forces to Prepare the Country for International AML/CFT Assessment, Strengthening Regulatory Mechanisms and Financial System Confidence

On 29 May 2026, Mr. Chuchat Pramulphol, Secretary-General of the Office of Insurance Commission (OIC), assigned Mr. Adisorn Phiphatworapong, Deputy Secretary-General for Legal and Audit Affairs, to represent OIC at the "Preparedness for Thailand's AML/CFT Compliance Assessment" project organised by the Anti-Money Laundering Office (AMLO). The event was held at the Centara Grand Convention Centre at CentralWorld, Bangkok.

Police Lieutenant Colonel Ruthapol Naowarat, Minister of Justice, presided over the opening ceremony, with the participation of regulatory bodies, government agencies, and relevant sectors. The project aims to integrate collaborative efforts and strengthen Thailand's readiness ahead of the assessment against the Financial Action Task Force (FATF) international standards on anti-money laundering, counter-financing of terrorism, and counter-proliferation of weapons of mass destruction (AML/CFT/CPF).

This initiative is designed to prepare Thailand for the upcoming evaluation under the Asia/Pacific Group on Money Laundering (APG), scheduled for 2028. The assessment is critical to the credibility of the country's financial and economic systems, reflecting the effectiveness of its legal framework, supervisory regime, and risk management mechanisms, all of which influence international confidence in Thailand's financial system, investment climate, and overall standing.

As the regulatory authority for the insurance sector, OIC plays a key role in ensuring that life and non-life insurance companies — recognised as financial institutions under anti-money laundering laws — establish risk management systems and internal measures aligned with AML/CFT/CPF standards. These include customer due diligence (CDD/KYC), ongoing monitoring of business relationships, transaction reporting to AMLO, and risk mitigation to prevent the insurance sector from being exploited for financial crimes. This contributes to good governance, transparency, and long-term credibility of Thailand's insurance industry. Furthermore, OIC regulates the insurance sector through principles of corporate governance, internal control, compliance oversight, and enterprise risk management (ERM), while also supervising payment processes, executive qualifications, and the conduct of insurance agents and brokers. These measures prevent the misuse of the insurance sector for money laundering or illegal activities, thereby enhancing transparency, trust, and stability in line with international standards.

OIC and AMLO have maintained continuous cooperation in regulatory oversight and financial risk prevention. The two agencies are currently preparing to sign a Memorandum of Understanding (MoU) on cooperative supervision of the insurance business within 2026, aimed at strengthening information exchange and regulatory efficiency, aligning with international standards, and addressing emerging financial risks in a timely manner.