Growing demand for compliance professionals in Thailand

By Alon Kohalny, 29 January 2024

Recent years have seen Thailand emerge as a powerful financial hub in Southeast Asia, testifying to the country’s commitment to economic growth and stability. As Thailand progresses towards becoming a key player in global finance, the evolution of regulation has assumed greater importance, and so too, as a consequence, has compliance. The development of Thailand's financial sector means that demand for skilled compliance officers is rising, and with it compliance education and training.

Regulatory evolution

Thailand's regulatory landscape has undergone a complete transformation over the last 25 years. From the Anti-Money Laundering Act of 1999, which was aimed at combatting money laundering and terrorist financing, through to public companies, retailers and consumer companies, and many other areas of the domestic market – the FCPA, FDA and PDPA, for example, as well as competition, computer, environmental and labour protection laws – Thai regulators have consistently refined and strengthened frameworks to ensure the integrity and resilience of the economy.

As a result, Thailand's determination to align itself with global best practice is now paying off. The Thai financial sector has proven itself to be resilient amid the challenges of the last few years, and, as a key player and one of the strongest economies in the Association of Southeast Asian Nations (ASEAN), Thailand is today ideally placed to leverage the fast growth of the ASEAN trade bloc and to consolidate its position as a regional financial hub.

Role of compliance

Compliance’s role in this financial evolution cannot be overstated. Serving as the basis for financial stability, compliance has helped ensure that market participants adhere to regulations, ethical standards and risk management protocols. The impact of compliance is, however, not limited to mitigating risks; it also supports the creation of an environment and culture which encourages foreign direct investment (FDI), something crucial for economic growth.[1]

In an era of increasing interconnectedness, the consequences of non-compliance can reverberate globally, denting investor confidence and tarnishing a country’s economic reputation. For Thailand to maintain economic stability and fulfil its growth aspirations, a robust compliance framework is non-negotiable. This will not only safeguard the country's economic interests but also enhance its credibility as a reliable and responsible regional and global financial player.

But the key to a successful compliance strategy is the calibre of the compliance professionals tasked with carrying it out. In the context of Thailand's financial evolution, the need for skilled and knowledgeable compliance officers has never been greater. These professionals are essential to navigating the complexities of evolving regulations, to mitigate risks, and to help ensure that financial institutions operate within the bounds of the law.

Education and training

To meet the demands of Thailand’s financial landscape, it is imperative to invest in the continuous education, training and certification of compliance professionals. Aligning Thai compliance conduct with international best practice, educational providers like ICA can contribute significantly to the sustainability of Thailand's financial growth.

The strength of Thailand’s economy, and its financial sector in particular, alongside its aspirations for further growth as a key player in the ASEAN bloc, bring a need for skilled, professional compliance officers and a commitment to international standards. Working together with internationally recognised providers of compliance education like ICA will help to ensure that Thailand's growth trajectory remains sustainable, resilient and aligned with global best practice.

For more information on ICA activities in Thailand, please contact alon.kohalny@int-comp.com