Banks Told To Monitor "special" Customers' Transactions

[george]

Banks told to monitor "special" customers' transactions

BANGKOK: -- The Bank of Thailand (BOT) has asked financial institutions to take a close look at customers who are politically involved overseas in order to prevent money laundering and the financing of terrorist activities.

The institutions have been told to monitor accounts and transactions by "special" customers and keep records of related documents for at least five years in case a legal probe is needed.

The vigilance is aimed at customers involved in foreign politics, private banking, correspondent banking and with unclear sources of money, according to the BOT.

Also earmarked are those close to any person allegedly related to money laundering and those are in high-risk careers such as jewellery, precious metals, foreign exchange and illegal lending.

The institutions should also pay special attention to complicated, abnormally large or illegal transactions. High-ranking executives should be assigned to approve new account applications by these special customers.

-- The Nation 2007-01-25

[astral]

To all those special customers........

I will be happy to funnel your transactions through my bank account for a fee, say 10%..........

[Who, me ?]

To all those special customers........

I will be happy to funnel your transactions through my bank account for a fee, say 10%..........

I'll do it for 8%, plus I provide beer and sandwiches while waiting

[Mid]

high-risk careers such as jewellery, precious metals, foreign exchange and illegal lending.

[cclub75]

high-risk careers such as jewellery, precious metals, foreign exchange and illegal lending.

Yes, in Thailand "illegal lending" is a "legal business". Thai banks are happy to work with loan sharks. It's a good biz (win-win). Ah ah ah

And what about "drug traffickers", and "rotten thai politicians" ?. They are not on the list. Are they not "high-risk careers" ? it's very disappointing.

[britmaveric]

Foreign Exchange?

[Badbanker]

Foreign Exchange?

Unfortunately George W.  and his announcement of expansion in Iraq has kicked our baht in the groin.  My tip is things will settle down when the big W is emasculated by both houses!

Forex is the best place to make money on futures and options if you can pick it!

Badbanker 

[Martin]

In ancient times, people who were tempted to do bad were inhibited by the knowledge that their transgressions (if found out) would be held against them for ever by the people that they had to live with.

This warning from the Government that paper records will be kept may have the same effect.

Bad people can't be made to want to, and to try to, be good. So they have to be scared off from doing bad.

(Of course, some may decide to go and be bad elsewhere, where they have a better chance of getting away with it. That is even better for the country hosting them at the moment.)

[The Skipper]

Good news for the Bankers as this is a great excuse to raise their under the table income.

Everybody's crooked, so new rules about anything mean pratically nothing.

The ultimate goal is to rise to the point where you can exploit the rules.

[dvk1951]

I am wondering who is doing all the investigating and legwork required to develop the list of these 'special' customers not to mention absorbing the costs incurred;

BOT??????

the individual finacial institutions??????

the current regime????????

Me thinks NOT

IMO it is just another case of the toothless barking dog or heaven forbid, a fiasco similar to the recent drug traffic purge/persecution.

[stumonster]

Banks told to monitor "special" customers' transactions

BANGKOK: -- The Bank of Thailand (BOT) has asked financial institutions to take a close look at customers who are politically involved overseas

I would suggest they also monitor the transactions of " special customers " who are/were involved in politics in Thailand.