Thai Banks To Face Rigorous Compliance Regulations Starting June

[TallGuyJohninBKK]

7 hours ago, webfact said:

Thailand is set to implement stringent new compliance regulations for customers opening bank accounts, in response to a sharp rise in the misuse of these accounts for illicit or fraudulent activities. From November last year through the present, Thai authorities have closed over 300,000 "mule" accounts. 

 

From everything I can recall reading on this topic here over the years, "mule" accounts would seem to be predominantly a Thai thing used by local criminals and big money types to avoid having all the transactions and balances under their own names, in an attempt to gain some guise of anonymity.

 

 

[hotchilli]

1 hour ago, Surasak said:

Because, your visa status is in your passport, and most banks look.

Mine doesn't, I cannot vouch for what other peoples experiences are...

Some seem to think every bank, every teller, everyone does exactly the same, main branch, sub-branches etc.

I'm quoting what mine has done...

If that doesn't suit then I can't help it.

[hotchilli]

28 minutes ago, sandyf said:

Copy of email I received  in 2014.

Thanks but I'm with SCB and have not received the above notification.

[scottiejohn]

4 minutes ago, hotchilli said:

Swallow a dictionary did we?

It would be the only way it could digest the (meaning of the) words!

😃

[hotchilli]

2 hours ago, transam said:

Yeh, riiiiiight..........😂

Yeh riiiiight ..... what?

I quoted what my bank has done with me..

I can't help if other banks/branches act differently or people have had different experiences.

That does not make me a liar if that is what you are inferring.

[Middle Aged Grouch]

I would definately stop sending money to my account in Thailand when I'm not in the country. For sure.

[newbee2022]

1 hour ago, Cabradelmar said:

And with a verified address - e.g., house book or signed lease (no hotel, AbnB addresses).

Exactly!👍

[transam]

38 minutes ago, hotchilli said:

Yeh riiiiight ..... what?

I quoted what my bank has done with me..

I can't help if other banks/branches act differently or people have had different experiences.

That does not make me a liar if that is what you are inferring.

Nooooo, would I do that....🤗

 

Like yourself I have handed over my passport many times at the bank, they walk around with it, disappear with it, they do their thing with it, but, read on.

 

Went to a hospital for an operation in K.K., I had the money in my bank to pay the bill. Handed over my card to pay, it was rejected........😱

 

Which at the time was all I needed, a bill paying prob. Luckily there was a BKKBank on site, I went there and told them the problem, ended up with the manager.

 

To cut a long story short, on my account I was listed as a tourist, something like that,  instead of a long stay visa holder, there was a withdrawal cap of 50,000bht on a "tourist" withdrawal. 

 

Aaaaah, the kind lady fixed everything for me to pay the bill, she said go back to your branch and show them your long stay visa, then you will not have a problem in the future.

So it seems the bank does or should look at things......😉

[connda]

5 hours ago, khunpin said:

Only criminals and wannabe HiSos want to use crypto. 

Hide something or show-off. 

Nobody NEEDS crypto ! 

You don't understand block-chain.  It shows. It's a public ledger. Transactions are traceable. If you really want to launder money.  Bribe a bank with enough money and they will facilitate your illegal transactions.  Why?  If they get caught, nobody at the bank goes to jail and the bank is hit with a fine that is a percentage of their illicit profits and is considered naught but something to write on the "Liabilities" column of their Balance Sheet.  Another person who doesn't understand who the world really works.

[richard_smith237]

1 hour ago, TallGuyJohninBKK said:

 

From everything I can recall reading on this topic here over the years, "mule" accounts would seem to be predominantly a Thai thing used by local criminals and big money types to avoid having all the transactions and balances under their own names, in an attempt to gain some guise of anonymity.

 

... most are likely used by scammers in Thailand.. i.e. facebook Market place scammers... 

.. They 'rent' an account of a motorcycle taxi rider or other poor person etc...  then use that account to receive funds for their online sales scams... (items listed on Facebook market place etc)...     I suspect there are 10's of thousands of such scammers using multiple such accounts for these frequent 'small time scams'... 

 

... When a police report is filed, the Police contact the bank and block the account... and thats about all they can do because they can't trace the person without doing a 'leg work' and finding out directly from the registered account holder who they'd rented the account to. 

[Sigmund]

As usual the real criminals and mafia will pass below the radar and only thedecent foreigner with clean money,  will be given trouble to make the bank teller look good in front of the supervisor.

[Gknrd]

What a total mess.. Assimilation for all expats or expulsion.

[Zapitapi]

10 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.

yep..all central banks go crypto..tough its FIAT in disguise ..but real DECENTRALISED crypto is key

[billd766]

7 hours ago, mran66 said:

 

Isn't that required to support people selling crypto? 

I honestly have no idea.

[AreYouGerman]

9 hours ago, khunpin said:

Only criminals and wannabe HiSos want to use crypto. 

Hide something or show-off. 

Nobody NEEDS crypto ! 

 

Only criminals and wannabe HiSos want to use FIAT Money. 

Hide something or show-off. 

Nobody NEEDS FIAT Money! 

[billd766]

5 hours ago, Tubulat said:

Are they trying to make it even more difficult to make a payment by bank, or maybe we will again soon be able to make a bank transfer via the website as is common in so many western countries, and which has been abolished here for some stupid reason.
What a hoot that thai banking system is.

I haver been paying my bills through online banking from my joint account with my Thai wife, at KBank for years. I also transfer money to my son who is in uni at Chiang Rai.

 

I have not had a problem yet.

[AreYouGerman]

8 hours ago, mran66 said:

 

Isn't that required to support people selling crypto? 

 

No. What? There are no 'crypto accounts'. You download a wallet and only you have access to your Crypto coins.

Crypto was and still is to some extent giving power back into the hands of the people. The same way the Internet was and could have been, until it was taken over by commercial monopolies.

 

Obviously boomers understand none of that.

 

Wrong political opinion = Debanked.

 

"It is estimated that almost 90,000 individuals have been categorised as “politically exposed persons”, leading to some politicians or their families being turned down by banks."

 

https://www.theguardian.com/business/2023/jul/30/uk-banks-closing-more-than-1000-accounts-every-day

https://www.businessinsider.com/trudeau-canada-freeze-bank-accounts-freedom-convoy-truckers-2022-2

https://europeanconservative.com/articles/news/afds-tino-chrupalla-de-banked-cites-political-reasons/

[mran66]

1 hour ago, AreYouGerman said:

Crypto was and still is to some extent giving power back into the hands of the people.

 

What kind of power crypto is giving back to people?

[granuaile]

Will this have any impact on retirees. I'm not in Thailand now, but I lived there for 10 years and remember it was somewhat difficult. I'm considering moving back again in two or three years so have to wonder.

[Andycoops]

Never had a problem opening a bank account here but then I am a long retired expat and not a tourist.

 

Although I did have a BBL account which I opened in Bangkok in the 90s as a tourist because of my frequent visits but that was then and regulation, if any, was virtually non existent.

[hotchilli]

12 hours ago, transam said:

Nooooo, would I do that....🤗

 

Like yourself I have handed over my passport many times at the bank, they walk around with it, disappear with it, they do their thing with it, but, read on.

I'm sure you wouldn't do that.

But as I said different banks do different things... In my case I use a local sub-branch of SCB which is very small.

There are only three positions where usually only two staff operate with a floating supervisor, [the manager is only present on Thursdays]

They take my passport which I open to the photo page, rotate in their chair which they are sitting on and use the photocopier 2ft behind them without having to even stand up.

They then hand me back my passport without looking at any immigration pages.

They then enter all the details into the computer, I sign a document that they fill in and ask for me to enter my PiN number.

15 minutes total and I have a new book and card.

Cost for new account 200 baht 

As I said I cannot vouch for what happens in other banks/areas.

[saintdomingo]

17 hours ago, BritScot said:

Sorry to disappoint but in the UK digital is stuttering as people have started to revert back to cash. 

Very pleased to hear it, but who says this is happening.

[redwood1]

18 hours ago, Liverpool Lou said:

Gawd...  Such b0llocks.

You Sir are blind if you can not see how a forced worldwide digital currency will turn Earth into a giant prison for everyone.

[Bruce1054]

19 hours ago, newbee2022 said:

Should be only possible for one year extension visas and regular residence. And a minimum deposit of 10.000 Baht.🙏

And how would you get a "O" visa without a bank account. Think about it.

[Scouse123]

Mule accounts as some have stated are used by those that cannot explain sources of money, and play the ' smoke and mirrors ' game.

 

The person whose name is on the account is left holding the baby if the authorities swoop.

 

Unfortunately, due to poverty/greed etc, people are more than happy to use their ID cards to open accounts and hand over control to somebody else for 2000/3000 baht and obtain debit cards.

 

Many years ago when the ' proxy '  was in vogue on Thai companies were used by foreigners to give the impression that Thais were involved in their hotels/land/property deals, they could go to an employee, give a 1000 baht, and get their copy ID, sign as a director and also sign an undated ' share transfer form '  so the foreigner could move it to another Thai, in case of any problems.

 

The poorer Thais are selling their ID to be used for whatever and care little at the time and are more interested in getting their hands on some money.

 

 

 

 

[Liverpool Lou]

1 hour ago, redwood1 said:

You Sir are blind if you can not see how a forced worldwide digital currency will turn Earth into a giant prison for everyone.

And what makes you assume that there is about to be a "forced worldwide digital currency" imposed on everyone on Earth?  

[Presnock]

19 hours ago, No Forwarding Address said:

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.

well if they only spend 3-6 months in Thailand they can escape even being a resident, thus not having to pay taxes in Thailand on their earnings.

[Dan O]

On 5/11/2024 at 9:22 AM, In Full Agreement said:

 

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

 

 

Only if your here on a tourist visa and trying to open one. 

[Dan O]

On 5/11/2024 at 9:53 AM, JackGats said:

There would be freedom of movement of individuals they said. Then came the compliance/money laundering charade, and individuals got denied bank accounts except in their homeland, and then only provided they stayed to reside there.

 

Soon we will have as much liberty of movement as the people in the UDSSR during the cold war. This will be achieved through the denial of banking services.

 

 

What charade are you referring to? Can you explain that? 

[cowellandrew]

On 5/11/2024 at 3:22 AM, In Full Agreement said:

 

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

 

 

No!😂😂😂