The Thai Gem and Jewelry Traders Association (TGJTA), led by Mr. Chomphol Phornchindarak, participated in the seminar "Enhancing Supervision and Compliance for Businesses Under the Anti-Money Laundering Act" organized by the Anti-Money Laundering Office (AMLO) in collaboration with seven associations and one confederation. The event took place at Phetphiman 1 Hall, 11th floor, Prince Palace Hotel, Bangkok, and was attended by representatives from various sectors obligated to report under the Anti-Money Laundering Act.
During the seminar, Mr. Chomphol Phornchindarak, representing the gem and jewelry sector, took part in a discussion on compliance with the law and promoting transparency in business operations. Additionally, he, together with Mr. Somchai Phornchindarak, President of the Gems, Jewelry, and Precious Metal Confederation of Thailand (GJPCT), held a press conference on "Enhancing Supervision and Compliance for Reporting Entities" to clarify the legal obligations related to anti-money laundering (AML) measures in the industry.
Enhancing supervision and compliance for reporting entities is a crucial step in aligning Thailand with international AML standards and counter-terrorism financing (CTPF) regulations. This initiative aims to mitigate the risk of businesses being exploited for money laundering, establish standardized transaction monitoring procedures, and bolster investor confidence at the international level.
Under the Anti-Money Laundering Act, reporting entities, including businesses in the gem and jewelry sector, must comply with key requirements such as Know Your Customer (KYC), Customer Due Diligence (CDD), and Suspicious Transaction Reporting (STR). These measures are essential in preventing businesses from being used as channels for illicit financial activities.
Compliance with AML regulations helps businesses reduce the risk of engaging in transactions linked to money laundering or financial crimes, protects them from legal consequences, and strengthens their reputation in global trade. It also supports regulatory agencies in effectively monitoring and preventing money laundering activities, ensuring a more transparent financial system.
This seminar marks a significant step in fostering collaboration between the public and private sectors in strengthening compliance frameworks, ensuring that Thailand’s gem and jewelry industry remains competitive on a global scale while adhering to stringent financial governance standards.
Learn what gemstone laboratory reports reveal about gemstone identity, treatments, and geographic origin—and what they cannot tell you about quality, market value, and provenance.
Discover the differences between natural, synthetic and imitation materials. Learn why origin, rarity and authenticity matter, and what consumers should know before purchasing valuable items.
Explore Oval, Marquise, Pear and Cushion gemstone shapes, how to select them for contemporary jewellery design, and how proportions, cutting quality, rarity and market demand influence value.