Thai Banks To Face Rigorous Compliance Regulations Starting June

[Liverpool Lou]

18 minutes ago, StayinThailand2much said:

 

You don't know that. Some banks may actually go beyond that by refusing to open bank accounts for foreigners in the future, just in case...

Just in case what?  The mainstream retail banks won't go down that route, but, so what if they did, they're private businesses, it would be their prerogative to do so

[brianthainess]

3 minutes ago, new2here said:

to me there’s a somewhat easy fix .

 

Mandate that any account that is used for purely immigration purposes (ie holding X baht for visa issuance/renewal basis) be done so at Krungthai Bank … and concurrent with that, mandate that any Krungthai bank will open accounts for any foreigner IF said account will be used for his/her immigration purposes.

 

Id choose Krungthai as they are the defacto state bank for retail and institutional affairs (but also true they are also partially publicly held and whose shares trade on the domestic equity exchange) and the one most integrated into the governments business. 

 

Two upsides.. As Krungthai is largely a SOE you’re essentially providing capital to a SOE.. and #2, you’d essentially kill off that catch-22 of needing an account to get your long term visa/renewal, but can’t get an account until you have that long term visa/renewal.

Oh stop it your being logical, TIT.

[billd766]

2 hours ago, NanLaew said:

 

The relentless march towards the cashless society got a big boost during Covid. There's no turning that back now. Go crypto.

My pensions are paid into my Wise bank account in the UK, transferred to my Bangkok Bank account, transferred to my KBank account where I pay most of my monthly bills online.

 

The rest is drawn in cash for general living expenses.

 

I have been doing that for years, and it works.

 

Why would I NEED to have a crypto account?

[OneMoreFarang]

4 hours ago, webfact said:

The Thai banking sector, a historical pillar of the nation’s economy

 

[...]

 

These changes offer both opportunities and challenges to compliance professionals, who shall remain at the forefront of shielding the financial ecosystem from emerging risks.

 

Who writes something like that?

"a historical pillar of the nation’s economy"

 

P.S.: It's a rhetorical question, I know AI did it.

[damo1967]

46 minutes ago, khunpin said:

Only criminals and wannabe HiSos want to use crypto. 

Hide something or show-off. 

Nobody NEEDS crypto ! 

You keep the fiat then.. and let the fast growing population of crypto holders flourish.  You are missing the boat because of your ignorance.

[impulse]

29 minutes ago, StayinThailand2much said:

You don't know that. Some banks may actually go beyond that by refusing to open bank accounts for foreigners in the future, just in case...

 

The wingnut conspiracy streak in me believes they'll also be tracking the money flowing through existing accounts, in an effort to decide what's now taxable under the new tax rules.  "Last year's money" that used to be exempt from taxes will now be scrutinized.

 

Gonna be interesting when it's time to file 2024 Thailand income taxes early next year.

 

[newbee2022]

36 minutes ago, topt said:

Why?

 

What about younger people still working and travelling in and out or older doing same......but still spending a fair amount of their time here.

Why should they be penalised?

Well, read the article. You know the story about one rotten apple....

Actually, you don't need to have an account here as a traveller. Use your credit card! It works🙏

[No Forwarding Address]

Does anyone think the ‘new’ rules will affect existing accounts with savings already established for say over twenty years??   I am sure there are a lot of expats that only spend 3-6 months a year in Thailand that have existing accounts?  Just a thought.

[impulse]

9 minutes ago, damo1967 said:

You keep the fiat then.. and let the fast growing population of crypto holders flourish.  You are missing the boat because of your ignorance.

 

You mean like the Dutch guys who missed out on tulip bulbs?

 

Just out of curiosity, what percentage of crypto projects have gone belly up?

 

 

[hotchilli]

4 hours ago, In Full Agreement said:

 

Wasn't it already difficult enough for some foreigners to open a  Thai bank account?

 

 

Yes but not Thais who are notoriously known open mule accounts.

[hotchilli]

4 hours ago, brianthainess said:

Yes the Catch 22 situation, Immigration want an account in your name, most banks say No you can't you need a 1 year Visa/extension.......

I've lived here many years, no bank has ever asked me for my visa status when opening a new account... just my passport.

[NanLaew]

1 hour ago, sstuff3 said:

Long article informing that banks will have new compliance laws in June, but not one mention of what the new compliance measures are......

 

I thunk this short description sums it all up.

 

4 hours ago, webfact said:

All banks will now be required to strictly adhere to a Customer Due Diligence (CDD) approach.

 

The way I see it, these CDD rules are in place and most banks publish them online in English as well as Thai. These are the same rules that currently restrict foreign bank account opening to foreigners with legitimate long-term permissions from Thai immigration. Maybe the banks have been swayed by "inducements" from certain foreign entities that do not have the correct long-term immigration status. For example, every immigration agent worth their salt has a local 'friendly' bank manager to make things work.

[wensiensheng]

In terms of compliance, how about doing something about the rampant mis selling by banks that goes on. A major bank bundles accident insurance with the purchase of an atm card. If you want the card, you MUST buy the accident insurance, paid for with an all inclusive fee.

 

Funny thing is, I actually already have accident insurance, not only that, accident insurance FROM THAT BANK.

 

British banks paid out billions to customers who were mis sold insurance they didn’t need when applying for loans. The practice of forcing customers to buy insurance along with an atm card is no different.

 

So comply that!

[brianthainess]

3 minutes ago, hotchilli said:

I've lived here many years, no bank has ever asked me for my visa status when opening a new account... just my passport.

When was the last time you tried to open a new account with a new bank then as you've lived here soo long ?

Only 3 years ago to open a new account with the BKB I had to take my wife and marriage certificate along, even though I've been on a marriage extension for 9years. Many people also have to get a letter of residence from immigration.

[DustyShoes]

28 minutes ago, sstuff3 said:

Long article informing that banks will have new compliance laws in June, but not one mention of what the new compliance measures are......

Because the article is smoke and mirrors. While you're distracted with "fraudulent activity," "mule accounts," and "compliance," it's simply a ruse -- an excuse -- to push for digital everything.

 

99% of the article beyond the first paragraph is blatantly telling you the purpose. The most obvious statement being, "The digital banking market in Thailand is projected to grow by 8.69% between 2024 and 2028..."

 

As for compliance (the end goal), you're never going to know what the banks' compliance laws are. You just need to be a good account holder and be "compliant" with the bank.... blah blah blah. And good luck figuring out what even that is.

 

[topt]

11 minutes ago, newbee2022 said:

Well, read the article. You know the story about one rotten apple....

Your proposal was because a poster mentioned that for some it was already difficult (well that is what you replied to). There is nothing in the article specifically about foreigners yet you seem to want to make things even harder - kind of like I'm all right Jack...........

 

13 minutes ago, newbee2022 said:

Actually, you don't need to have an account here as a traveller. Use your credit card! It works🙏

They may not class themselves as a traveller and may need to pay utilities from abroad......and may not want to use their foreign banks cc with potential associated fees.....

[wensiensheng]

4 hours ago, brianthainess said:

Yes the Catch 22 situation, Immigration want an account in your name, most banks say No you can't you need a 1 year Visa/extension.......

Some say that, others don’t. Have to pick the right colour

[hotchilli]

3 minutes ago, brianthainess said:

When was the last time you tried to open a new account with a new bank then as you've lived here soo long ?

Only 3 years ago to open a new account with the BKB I had to take my wife and marriage certificate along, even though I've been on a marriage extension for 9years. Many people also have to get a letter of residence from immigration.

August of last year at SCB Bank, on my own, no wife just my passport.

15 minutes later I had a new account.

[newbee2022]

1 minute ago, topt said:

Your proposal was because a poster mentioned that for some it was already difficult (well that is what you replied to). There is nothing in the article specifically about foreigners yet you seem to want to make things even harder - kind of like I'm all right Jack...........

 

They may not class themselves as a traveller and may need to pay utilities from abroad......and may not want to use their foreign banks cc with potential associated fees.....

Then look for a better suitable country to do your hideous business I'd say🙏

[wensiensheng]

45 minutes ago, new2here said:

to me there’s a somewhat easy fix .

 

Mandate that any account that is used for purely immigration purposes (ie holding X baht for visa issuance/renewal basis) be done so at Krungthai Bank … and concurrent with that, mandate that any Krungthai bank will open accounts for any foreigner IF said account will be used for his/her immigration purposes.

 

Id choose Krungthai as they are the defacto state bank for retail and institutional affairs (but also true they are also partially publicly held and whose shares trade on the domestic equity exchange) and the one most integrated into the governments business. 

 

for consumer protection you could add restrictive language like these accounts must earn a minimum of the BoTs BIBOR (or some other consumer based rate) and that it is liquid to the extent required by Immigration.  That way there is little financial downside to holding your funds at Krungthai, you’re assured that you be an actually get an account and that they account type meets the immigration rules. 

 

Two upsides.. As Krungthai is largely a SOE you’re essentially providing capital to a SOE.. and #2, you’d essentially kill off that catch-22 of needing an account to get your long term visa/renewal, but can’t get an account until you have that long term visa/renewal.

I appreciate your taking the time to make a suggestion, but I can’t help think that you are making a problem where one doesn’t exist.

 

Or if there IS a problem, you’re using a sledgehammer to crack a nut. A few random farang struggle to open a bank account here when they first arrive because they don’t know which bank has less strict requirements. And for that you propose forcing every farang in Thailand who makes use of a long term visa, to open an account with a specific bank. You are having a laugh, surely?

 

 

[topt]

3 minutes ago, newbee2022 said:

Then look for a better suitable country to do your hideous business I'd say🙏

What the F are you talking about? 

[wensiensheng]

9 minutes ago, brianthainess said:

When was the last time you tried to open a new account with a new bank then as you've lived here soo long ?

Only 3 years ago to open a new account with the BKB I had to take my wife and marriage certificate along, even though I've been on a marriage extension for 9years. Many people also have to get a letter of residence from immigration.

I have to confess that I opened a mule account only recently.
 

My daughter is 16 but couldn’t open a bank account in her name because her Thai ID card was a juvenile variety rather than adult. So I opened it in my name, using her phone number, and I put a bit of money in it for her each month. Now she can use her phone to pay for grab orders or to scan at shops. No difficult questions were asked, took longer to queue than open the account.

 

she has her adult ID card now, but we haven’t got round to opening an account in her name. Guess we’d better do that before we get swept up in the new stringent crackdown 😂

[NanLaew]

9 minutes ago, hotchilli said:

August of last year at SCB Bank, on my own, no wife just my passport.

15 minutes later I had a new account.

 

But every foreigner has a passport. More to the point, what is your visa status?

[hotchilli]

5 minutes ago, NanLaew said:

 

But every foreigner has a passport. More to the point, what is your visa status?

In the context of this post/replies my visa status is irrelevant.... when opening my bank accounts over the years I have never been asked about my visa status.

[Srikcir]

4 hours ago, NanLaew said:

American citizens are denied opening or even maintaining a bank in their homelands because of their chosen 'immigration status'.

Nothing of a sort unless you can cite a valid source.

If one has immigration status in the US, ie., possess a green card, you only need an ID and proof of address. Same applies to U.S. visa holders living in the U.S. Even if an immigrant not holding a green card, just need to prove several acceptable forms of identity. Some US banking institutions allow a foreigner to open a bank account without needing a US address but must do so in person.

[NanLaew]

1 minute ago, wensiensheng said:

I have to confess that I opened a mule account only recently.
 

My daughter is 16 but couldn’t open a bank account in her name because her Thai ID card was a juvenile variety rather than adult. So I opened it in my name, using her phone number, and I put a bit of money in it for her each month. Now she can use her phone to pay for grab orders or to scan at shops. No difficult questions were asked, took longer to queue than open the account.

 

she has her adult ID card now, but we haven’t got round to opening an account in her name. Guess we’d better do that before we get swept up in the new stringent crackdown 😂

 

That's a friendly, non-nefarious mule.

 

Last month when my 16 year-old lad needed his Thai passport renewed and to open a bank account, the FIRST stop was the 'one-stop' government office in the mall to get his 'adult' ID card, a 15 minute job. Then along to Kasikorn which, despite being busy, he was done in 20 minutes. Then up a floor to the 'one-stop' passport office which, along with mum's passport renewal and his kid brother's first Thai passport, took just under an hour. I was so utterly gobsmacked by the awesome efficiency of it all, I treated the family to a big lunch at Fuji.

 

The bonus was the new passports arriving via EMS only 3 days later.

[brianthainess]

14 minutes ago, hotchilli said:

August of last year at SCB Bank, on my own, no wife just my passport.

15 minutes later I had a new account.

I did that and then they closed my local branch, a few months later, I closed it, as even they could not open my account on my lap top, took out the cash and walked next door to my other bank, useless bunch of tosses IMO. 

A province Main Branch and 10 staff not one could speak any English. 

[sambum]

4 hours ago, NanLaew said:

 

Many British and American citizens are denied opening or even maintaining a bank in their homelands because of their chosen 'immigration status'.

 

I was denied a loan for a roof repair in the UK by my bank because although I was a citizen I was not a resident. Although I had sufficient fund in 2 accounts to pay for the repairs, it would have left me a bit short in the event of an emergency.

 

The point that I would like to make is that they seem perfectly happy to take my monthly pension payments, but loth to lend me money! Just as a matter of interest (no pun intended!) this particular bank came bottom in a list of UK banks for Customer Service - both in Branch, and Online. 

 

And for those smart Alecs who say "well, change your Bank then!" might I refer you to the post that I am replying to? 🙂  

[mran66]

5 hours ago, Tropicalevo said:

Most 'mule' accounts are opened by Thais

 

You must be misinformed. It must be dirty farangs, or at least farangs. Or possibly farangs disguised as Thai. 

 

How else could you blame someone else? 

[transam]

5 hours ago, Tropicalevo said:

Most 'mule' accounts are opened by Thais

Well there are more of them than us............🤭