KTB assures the money exchange transaction with two Laotians legitimate

[webfact]

KTB assures the money exchange transaction with two Laotians legitimate

By Thai PBS

 

 

State-run Krung Thai Bank clarified on Thursday (Dec 14) that its branch office in Nong Khai had fully complied with regulations regarding money exchange over a substantial portion of the 98 million baht in Thai currency that the office exchanged with two Laotian nationals.

 

The two Laotian brothers, Subanh and Kamboun Tiasiri ,were arrested by customs officials at a border point on the Thai-Lao friendship bridge on charge of currency smuggling as they tried to bring the 98 million baht in cash into Laos on Dec 12.

 

The bank said that its Nong Khai branch office has extensively engaged in transactions concerning cross-border trading and, therefore, has a substantial reserve of Thai currency.

 

Full story: http://englishnews.thaipbs.or.th/ktb-assures-money-exchange-transaction-two-laotians-legitimate/

 

-- © Copyright Thai PBS 2017-12-15

[steve187]

good to know that  that branch holds a large amount of cash

[Bluespunk]

29 minutes ago, steve187 said:

good to know that  that branch holds a large amount of cash

Where is that ski mask again...

[rkidlad]

Oh, I’m sure. I remember transferring a large amount of cash from my bank account in Thailand to my missus’ bank account in Thailand. No problem. No questions asked. I then remember trying to transfer about 5,000 baht to my brother’s UK account and gave up. I asked them why it’s so difficult to do, and they said, “we need to be sure the money you’re sending is legitimate. Not laundered, etc”.

 

Putting money in Thai banks no problem. They couldn’t care less where the money comes from. 

[NanLaew]

Yes, whenever I am making a large but legitimate cash deposit, I typically hide it in unusual places in my truck.

 

What gets me is, according to the initial report and the arrest, the regulations allow 450k baht to be brought in legally if it is declared. According to that statement in that that news report, the 2 'smugglers' could have brought in 900k without raising any concerns. However, everything else I read indicates there's no import limit but greater than (the equivalent of) US$20k/person or US$50k/family must be declared. Not sure how this bank reckons that US$2.1 mill of the US$3 mill is all legit. This is not your average Lao hi-so popping over for a bit of weekend shopping at the mall.

 

There was a reason that whoever owns the money didn't want it to be seen and/or reported and there's a similar reason why the normally reticent Thai banks, and this particular branch in a provincial backwater is suddenly being very 'customer service' oriented despite what BoT, Customs and the law says about bringing any foreign currency into Thailand.

Edited December 15, 2017 by NanLaew

[jaywalker]

I'd wager that they seized 200 - 300 million baht (or as much as Somchai's truck would carry), then decided they'd claim they seized 98 million publicly.

 

It's a wonder the two Laotions weren't just found dead the next day in a ditch somewhere.

[Chang_paarp]

So that is where the tip off for the customs officials came from.

[Cadbury]

This must come as disappointing news to the police who I expect had already mentally distributed it and pocked it and spent it on Christmas gifts. Looks like being a revised and subdued Xmas party for the Nong Khai police this year.

[Ulic]

Not sure I can connect the dots. Does this information mean the money will

be returned or does it mean the money will still be confiscated but nobody in

Thailand did anything wrong. 

[BEVUP]

32 minutes ago, Ulic said:

Not sure I can connect the dots. Does this information mean the money will

be returned or does it mean the money will still be confiscated but nobody in

Thailand did anything wrong. 

Easy , All above board on this side 

The Lao's didn't declare giving the Imigration the right to sieze & pending how it works here they may or may not get it back even if able to prove legit 

Looks like it might of been one to many times & I think they would of even needed evidence from the bank if declaring (hence the source )

Who knows this may of been another route for the money like the sim cards

[BigBadGeordie]

This issue clearly effects national security and it would be no suprise to me at all if these pesky Lao foreigners are not linked to the "Red Shirts" and were planning to use the money to but WMD from Iraq.

 

The election plans must be halted!

Edited December 15, 2017 by BigBadGeordie

[NanLaew]

5 hours ago, Ulic said:

Not sure I can connect the dots. Does this information mean the money will

be returned or does it mean the money will still be confiscated but nobody in

Thailand did anything wrong. 

The dots are rather sparse.

 

From the wording, it would seem that KTB has already exchanged a chunk of this Thai cash for the Lao 'smugglers' despite the laws saying this was way, way in excess of anything that can be personally declared and no evidence of any declaration being made... like being hidden in vehicle compartments. The picture indicates the Customs agents who possibly made the bust, watching the money being counted at the bank... which suggests that is hasn't been 'seized' at all.

 

I reckon there's some huge, influential personages on either side of the Mekhong taking care of business. It's Nongkhai after all.

[Just Weird]

9 hours ago, steve187 said:

good to know that  that branch holds a large amount of cash

Most bank branches hold a large amount of cash, nothing novel about it.

[Just Weird]

8 hours ago, rkidlad said:

 

Putting money in Thai banks no problem. They couldn’t care less where the money comes from. 

Thai banks are given directions by the Bank of Thailand regarding the size of transactions at which enquiries are to be made, even when crediting accounts in Thai banks.

 

Having said that, this transaction was a currency exchange not a credit to an account, Thai or otherwise.

Edited December 15, 2017 by Just Weird

[Just Weird]

8 hours ago, NanLaew said:

Yes, whenever I am making a large but legitimate cash deposit, I typically hide it in unusual places in my truck

 

There was a reason that whoever owns the money didn't want it to be seen and/or reported and there's a similar reason why the normally reticent Thai banks, and this particular branch in a provincial backwater is suddenly being very 'customer service' oriented despite what BoT, Customs and the law says about bringing any foreign currency into Thailand.

"Yes, whenever I am making a large but legitimate cash deposit, I typically hide it in unusual places in my truck."

Your sarcasm suggests that hiding B98m out of site of prying eyes is a bad thing.  I suppose that you'd leave it on the seat?

 

"There was a reason that whoever owns the money didn't want it to be seen..."

Fear of theft, perhaps?

 

You seem to think that KTB's job is to check who's bringing what into the country at the border.  that's the Customs Dept's job, not a bank's.

 

This bank was not "suddenly being very customer oriented", from the link..."Also, it said that the two Laotians in question were customers of the branch office in Nong Khai and used to exchange money with the branch office, adding that the transaction with the due was legitimate and in compliance with regulations".

 

Was there a reason that you didn't read the link?

[Just Weird]

8 hours ago, Chang_paarp said:

So that is where the tip off for the customs officials came from.

Why would a bank give a tip-off about a legal transaction, from KTB's point of view, conducted by known regular customers?

Edited December 15, 2017 by Just Weird

[Just Weird]

59 minutes ago, NanLaew said:

 The picture indicates the Customs agents who possibly made the bust, watching the money being counted at the bank... which suggests that is hasn't been 'seized' at all

But the report confirms that it has been..."About 70 out of the 98 million baht seized by customs officials and now kept at the KTB’s Nong Khai branch were exchanged with the branch office".

[rkidlad]

1 hour ago, Just Weird said:

Thai banks are given directions by the Bank of Thailand regarding the size of transactions at which enquiries are to be made, even when crediting accounts in Thai banks.

 

Having said that, this transaction was a currency exchange not a credit to an account, Thai or otherwise.

You’ve lost me. 

[Just Weird]

6 minutes ago, rkidlad said:

You’ve lost me. 

Weren't you suggesting generally that Thai banks didn't care, and had no checks about, where deposited money came from, whereas they do?   Money laundering enquiries apply to Thai banks also at levels dictated by the Bank of Thailand.

 

You also seemed to be under the impression specifically that the Laos were depositing money unchecked into a Thai bank that accepted it without question when the transaction was a currency exchange, not a deposit.

[rkidlad]

12 minutes ago, Just Weird said:

Weren't you suggesting generally that Thai banks didn't care, and had no checks about, where deposited money came from, whereas they do?   Money laundering enquiries apply to Thai banks also at levels dictated by the Bank of Thailand.

 

You also seemed to be under the impression specifically that the Laos were depositing money unchecked into a Thai bank that accepted it without question when the transaction was a currency exchange, not a deposit.

Was I? 

[Just Weird]

Just now, rkidlad said:

Was I? 

That's what I thought by reading your post, correct me if I'm wrong.

[rkidlad]

Just now, Just Weird said:

That's what I thought by reading your post, correct me if I'm wrong.

I really don’t care. 

[Just Weird]

1 minute ago, rkidlad said:

I really don’t care. 

So why the questions?

[rkidlad]

2 minutes ago, Just Weird said:

So why the questions?

To get you to watse your time typing laborious replies. 

[Just Weird]

1 minute ago, rkidlad said:

To get you to watse your time typing laborious replies. 

It's not a watse [sic] of time, neither is it laborious, for me.  If that was your intention doesn't that qualify you as a troll?   Yes, it sure does.

[rkidlad]

1 minute ago, Just Weird said:

It's not a watse [sic] of time, neither is it laborious, for me.  If that was your intention doesn't that qualify you as a troll?   Yes, it sure does.

*kiss

[jaywalker]

18 hours ago, Ulic said:

Not sure I can connect the dots. Does this information mean the money will

be returned or does it mean the money will still be confiscated but nobody in

Thailand did anything wrong. 

The money is NEVER returned by the BIB.

 

Hell, they gave themselves the reward for catching the Erawan bomber(s).

[Oziex1]

They should have just left it in a Taxi, they would have it back by now.  With the obligatory photo of course. 

[NanLaew]

On 12/15/2017 at 3:39 PM, Just Weird said:

"Yes, whenever I am making a large but legitimate cash deposit, I typically hide it in unusual places in my truck."

Your sarcasm suggests that hiding B98m out of site of prying eyes is a bad thing.  I suppose that you'd leave it on the seat?

 

"There was a reason that whoever owns the money didn't want it to be seen..."

Fear of theft, perhaps?

 

You seem to think that KTB's job is to check who's bringing what into the country at the border.  that's the Customs Dept's job, not a bank's.

 

This bank was not "suddenly being very customer oriented", from the link..."Also, it said that the two Laotians in question were customers of the branch office in Nong Khai and used to exchange money with the branch office, adding that the transaction with the due was legitimate and in compliance with regulations".

 

Was there a reason that you didn't read the link?

According to the The Nation.

 

"Nimit said the Lao suspects claimed that they had exchanged US$2.5 million (Bt81.5 million) for Thai banknotes at various banks in Thailand’s Nong Khai province and planned to take the Thai currency back to Laos."

 

So not only did the Lao guys smuggle (about) US$2.5 million INTO Thailand, and exchanged it at several banks throughout the province, they attempted to smuggle (about) ฿ 98 million OUT of Thailand.

 

KTB is claiming "the two Laotians in question were customers of the branch office in Nong Khai". So, why were they exchanging money at other branches throughout the province?

 

Yes, all legal and above board, nothing to see here. I reckon anyone that drives around exchanging small amounts of a much larger stash at various branches over a greater geographic area and then stuffs stuffs the cash inside milk cartons with the rest in vehicle compartments and bags stuffed inside the engine compartment is all kosher.

 

Now, off you go and read up on the mechanics of money laundering.

 

Here's your starter for 10...

 

 

Edited December 17, 2017 by NanLaew

[Psimbo]

On 12/15/2017 at 6:56 AM, NanLaew said:

Yes, whenever I am making a large but legitimate cash deposit, I typically hide it in unusual places in my truck.

 

What gets me is, according to the initial report and the arrest, the regulations allow 450k baht to be brought in legally if it is declared. According to that statement in that that news report, the 2 'smugglers' could have brought in 900k without raising any concerns. However, everything else I read indicates there's no import limit but greater than (the equivalent of) US$20k/person or US$50k/family must be declared. Not sure how this bank reckons that US$2.1 mill of the US$3 mill is all legit. This is not your average Lao hi-so popping over for a bit of weekend shopping at the mall.

 

There was a reason that whoever owns the money didn't want it to be seen and/or reported and there's a similar reason why the normally reticent Thai banks, and this particular branch in a provincial backwater is suddenly being very 'customer service' oriented despite what BoT, Customs and the law says about bringing any foreign currency into Thailand.

Well I would with an amount that big. What you gonna do- leave it in plain view on the seat so someone can steal it?