AML/KYC Policy — Thai Watch Market 2026

AML/KYC Policy

Thai Watch Market complies with Anti-Money Laundering (AML) and Know Your Customer (KYC) standards per:

• Anti-Money Laundering Act B.E. 2542 (AMLA)
• Ministerial regulations and AMLO notifications
• FATF international standards (Financial Action Task Force Recommendations)

This page explains what our policies are, why we do them, and what sellers should know.

Legal Basis

Anti-Money Laundering Act B.E. 2542

Section 13 designates certain operator types — including antique traders and gold shops — as Reporting Entities, required to:

1. KYC for transactions ≥ ฿200,000:

• Identify customer (ID, address, occupation)
• Verify information accuracy
• Record source of funds (for buyers) or source of asset (for sellers)

2. File Suspicious Transaction Report (STR) for suspicious transactions:

• Regardless of value
• Submit to AMLO within 7 business days

3. File Cash Transaction Report (CTR) for cash ≥ ฿2M:

• All cash transactions above threshold
• Submit to AMLO by following month

4. Records kept ≥10 years:

• KYC records
• Receipts and transaction documents
• Customer communications

5. Employee training:

• All employees involved in transactions must complete AMLO AML/KYC training

Our KYC Process

For transactions < ฿200,000

• Seller ID (citizen card or passport)
• Delivery address
• Bank account for wire transfer
• Source of watch recorded (purchased from AD, inherited, purchased from another dealer)

For transactions ฿200,000–฿2,000,000

All of above plus:

• Source of asset verification (original receipt, warranty card, inheritance letter if applicable)
• Address verification (utility bill or other formal document)
• Photo with ID recorded by Thai Watch Market

For transactions > ฿2,000,000

All of above plus:

• Source of funds verification (for counterparty — Thai Watch Market shows source of buyer funds)
• Enhanced identity verification (face-to-face)
• Additional records in Suspicious Transaction Report monitoring
• CTR filed to AMLO the following month

Suspicious Transaction Indicators

Per AMLO guidelines, operators must be alert to these red flags:

1. Seller unwilling to provide KYC

• Refuses ID
• Provides unverifiable ID
• Uses another person's ID

2. Transaction value inconsistent with profile

• Young/low-income seller offering very high-value piece
• Seller unable to explain source of asset

3. Unusual pattern

• Multiple watches sold in short period
• Watch newly purchased <30 days
• Strange payment requests (crypto, foreign currency cash)

4. Refusal of documentation

• Refuses formal receipt
• Refuses watch photos
• Pressures rushed transaction without verification

5. Information mismatch

• Reference and code don't match
• Serial not in brand database
• Unusual parts replacement

If serious red flags appear, we may:

1. Decline transaction
2. File STR to AMLO
3. Notify police if stolen property suspected

Protection for Legitimate Sellers

Most sellers transact legitimately — inherited Rolex, purchased from AD, or bought from legit dealer. Our AML/KYC protects them:

1. Clean separation from money laundering

• Sellers with complete KYC have clear paper trail showing transactions unrelated to money laundering schemes
• If future investigation of stolen goods arises, this paper trail protects the seller

2. Tax-valid receipts

• Individual sellers have proof of personal sale under Revenue Code Section 40(8)
• If Revenue Department audits, KYC + receipt is proof of legit personal sale

3. Protection in dispute

• If a subsequent buyer claims the watch is fake — Khun Naru's authentication documentation + original seller's KYC provide defense

Balance Between Privacy and Compliance

We comply with PDPA (Personal Data Protection Act B.E. 2562) in processing KYC data:

What we collect:

• Seller ID + address + bank account
• Watch photos and serial
• Provenance documents
• Communications

What we don't collect:

• Unnecessary financial data (credit cards, passwords, account balances)
• Family information unrelated to transaction
• Unnecessary browsing history or tracking cookies

How we use data:

• AML/KYC compliance
• Receipt and tax issuance
• AMLO reporting as legally required
• Rolex/Patek/AP service centre verification (only with seller consent)

How we don't use data:

• Sold to third parties
• Marketing without consent
• Shared with dealers outside our partner network

Full details on Privacy Policy page

Common Seller Questions

"Why must I give ID? Privacy intrusion?" Not intrusion — legal requirement for legit dealers. Dealers not requesting ID = no KYC = possibly money laundering network — lower buy price + future legal risk.

"How long is my KYC retained?" 10 years per AML law — after which destroyed per PDPA standards.

"Will AMLO see my KYC?" Only if:

• Transaction > ฿2M (CTR)
• AMLO requests specific case review (investigation)
• We file STR (suspicious case) In normal cases AMLO doesn't see general seller KYC.

"I don't want to give ID — can I still sell?" For transactions <฿200,000 we can be flexible in some cases. For larger transactions, by law we cannot — please understand.

Send Photos and Begin Legit Process

Send watch photos — dial, case-back, crown, serial — to LINE @thaiwatchmarket. Response within 10 minutes with price and KYC preparation details.

Sources:

• Anti-Money Laundering Act B.E. 2542
• Ministerial regulations and AMLO notifications (Anti-Money Laundering Office, amlo.go.th)
• FATF Recommendations (Financial Action Task Force)
• Personal Data Protection Act B.E. 2562
• AMLO AML/KYC training manual