Cabinet okays plan to inspect e-bank transfers of above Bt50,000

[snoop1130]

Cabinet okays plan to inspect e-bank transfers of above Bt50,000

By The Nation

 

 

Deputy Government Spokesman Rachada Dhnadirek said the Cabinet has approved a draft bill proposed by the Anti-Money Laundering Office (AMLO) to inspect electronic transactions exceeding Bt50,000, in a move to combat money laundering and financing of terrorists.

 

According to international standards, Thailand has been found lacking on 17 issues in relation to preventing money laundering and the financing of terrorism.

 

Financial institutions and businesses that come under the Anti-Money Laundering Act’s Section 16, such as gem dealers, car dealers or real-estate brokers, must undergo assessment. All transactions will be stopped and reported to AMLO if any signs of risky behaviour are detected.

 

Individuals who send more than Bt50,000 overseas and the recipient will have to provide their identification and information to banks before the transfer is completed.

 

Source: https://www.nationthailand.com/business/30376952

 

-- © Copyright The Nation Thailand 2019-10-01

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[Chazar]

2 minutes ago, snoop1130 said:

in a move to combat money laundering and financing of terrorists.

same old bs

[Reigntax]

A lot of sick buffalos will have their medical treatment delayed

[DrTuner]

'Individuals who send more than Bt50,000 overseas and the recipient will have to provide their identification and information to banks before the transfer is completed.'

 

I can see this going pear shaped.. I send more every month, with a little Thai ingenuity they'll soon have the bank version of TM30, please submit 58 pages of A4 for every transfer.

[kevin612]

50000 is such a low limit, target 100000 and above.

[KhunBENQ]

50'000 Baht.

Paranoid.

Will they hire an army of inspectors?

[wreckingcountry]

All bureacracy to mask their incompetence! Pathetic


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[La Migra]

Given all the discussions on international bank transfers, those needed for Immigration, and if they showed up as international or internal...... If the banks start counting those under this 50Kbaht reporting rule, I wonder if you could use THAT report for Immigration. To show each monthly transfer was bringing money in from outside country.

[Cadbury]

Big Brother is watching you. The Prayut government is learning fast about the communist Chinese CCTV surveillance and banking systems. 

Farang expats by default will always be primary suspects. 

 

 

 

[overherebc]

So, a three week holiday in UK with total costs above 50,000 for any transaction like car hire hotel bills blah blah is going to raise eyebrows?

If you and she decide on a business class flight,

55-70,000 baht each what will happen?. Would you have to wait for gov' clearance on the transaction or what?

[RichardColeman]

This would never happen internally as it would flag up too many 'gratuity' payments

[observer90210]

Thailand is getting a bit Cheap-Charlie-Somchai.....50k is peanuts today abroad...make it 500k at least please....better open that account in either Singapore or Geneva fast...no hassles or questions asked for (reasonable) amounts transfered upto CHF 50'000,-

Edited October 1, 2019 by observer90210

[ThePioneer]

2 minutes ago, observer90210 said:

better open that account in either Singapore or Geneva fast...no hassles or questions asked for (reasonable) amounts transfered upto CHF 50'000,-

I'm sure from your comment that you don't have an account in Singapore LOL

[DrTuner]

50k is indeed far too low, FATF is usually around 15k USD: https://www.fatf-gafi.org/media/fatf/documents/recommendations/pdfs/FATF Recommendations 2012.pdf

[observer90210]

Just now, ThePioneer said:

I'm sure from your comment that you don't have an account in Singapore LOL

I'm sure from your comment that you did not understand or maybe read my post properly.

p.s. LOL

[Tayaout]

Bitcoin doesn't care. 

[ThePioneer]

10 minutes ago, overherebc said:

So, a three week holiday in UK with total costs above 50,000 for any transaction like car hire hotel bills blah blah is going to raise eyebrows?

 

Well in EU anything above 2000 Euro a month you need to give a good reason, and with 2000 Euro in Euroland you do much less than with 50K Baht in Thailand

[david555]

All is pointing to a need of money from Thai gov. Even with  a strong baht …..keep aware TV posters ….,those with money....

Edited October 1, 2019 by david555

[ThePioneer]

2 minutes ago, observer90210 said:

I'm sure from your comment that you did not understand or maybe read my post properly.

p.s. LOL

I understood your post very well. Try for a start to open an account in Singapore without a LOT of questions asked, and big chance of being refused

Edited October 1, 2019 by ThePioneer

[White Christmas13]

So that does not include politicians ?

[observer90210]

6 minutes ago, ThePioneer said:

I understood your post very well. Try for a start to open an account in Singapore without a LOT of questions asked, and big chance of being refused

Not only in Singapore does one get denied but also in Thailand where I got denied in 4 different banks. The 5th time I went with a friend who knew the manager in bank xyz,  it was all done in 30 min, ATM, SMS alerts, internet banking the whole pack, .....so it may not be a rule of the thumb. You know,  if you talk nicely to people, are polite, cultivate them, are not catty or baiting....you can move mountains with a finger....no matter where in the world.

Edited October 1, 2019 by observer90210

[david555]

13 minutes ago, ThePioneer said:

 

Well in EU anything above 2000 Euro a month you need to give a good reason, and with 2000 Euro in Euroland you do much less than with 50K Baht in Thailand

I never had any problem , even when taking cash 9975€ for taking with me after a visit E.U. home country with me to Thailand, but cash payments are only allowed up to 3000€ when buying something , and transfers never gave a problem bank to bank and up to Thai bank transfer

Edited October 1, 2019 by david555

[DrTuner]

6 minutes ago, Tayaout said:

Bitcoin doesn't care. 

But the FIAT off/onramp companies are forced to start caring. You still need old school money to buy most things.

[david555]

I think you never get a problem even when higher than 50K as long they see the destination ….example Thai airways for a flight ticket or payment for Index furniture or else ….. only bank to bank with no special destination  ...

[david555]

Second thought ….

Could it have something to do with the 65000 a month rule....? As to keep an eye on those ,who plan or do already "the marry go round transfer tour" with the same sum ,  to prove the income method for immigration ??

[david555]

1 hour ago, kevin612 said:

50000 is such a low limit, target 100000 and above.

yeah …. give them some more ideas ...

[worgeordie]

It would be nice to see those making the laws,

get caught ,then it will be just an honest mistake.

regards worgeordie

[david555]

1 hour ago, KhunBENQ said:

50'000 Baht.

Paranoid.

Will they hire an army of inspectors?

No need they probably push that responsibility to the Thai banks ….it is even in those interest

[kellersphuket]

Wait...

No mention of National Security?

 

Surely it's gotta be in the article somewhere..

Lemme get my bifocals????

[fforest1]

Folks there are terrorist every where these days......The only way we can fight the terrorist is to give up all our rights and give up all privacy and be tracked 24/7......