LEGAL PROBLEMS IN PREVENTING MONEY LAUNDERING ABOUT KNOW YOUR CUSTOMER OF RECIPIENTS BY CRYPTOCURRENCY

Abstract

Introduction: The emergence of crime in contemporary society is closely linked to social and economic problems that affect daily life and pose threats to life and property. Crime has evolved alongside societal and technological advancement. Objectives: 1) To examine the conditions, concepts, and theories related to legal issues in preventing money laundering concerning the identification of recipients through digital currencies. 2) To study relevant laws addressing such legal issues in both foreign jurisdictions and Thailand; and 3) To propose measures and guidelines for improving laws related to identity verification in anti-money laundering efforts involving digital currencies. Method: This study employed a qualitative research approach through documentary research, including books, textbooks, academic articles, research studies, and related documents. The collected data were analyzed, synthesized, and descriptively presented to formulate recommendations for improving laws on identity verification in money laundering prevention to align with the evolving digital society. Result: The study found that 1) Identity verification measures are crucial for legal enforcement and practical implementation; however, such measures do not currently cover individuals who are not registered with the Securities and Exchange Commission. 2) Relevant laws addressing identity verification in the prevention of money laundering through digital currencies include the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) and the Anti-Money Laundering Act B.E. 2542 (1999). 3) The study proposes legal amendments to enhance anti-money laundering effectiveness, including: (1) revising the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) to extend coverage to unregistered individuals; (2) amending the Anti-Money Laundering Act B.E. 2542 (1999) to expand identity verification requirements to include digital asset business operators and individuals not registered with the Securities and Exchange Commission; and (3) modernizing identity verification measures and providing effective training for officials responsible for identity verification services. Conclusion: The development and improvement of these legal measures would reduce legal loopholes, enhance transparency in the digital financial system, and strengthen the effectiveness of anti-money laundering efforts, thereby contributing to long-term economic stability and public confidence in the national legal system.