New Thai bank accounts reported?

[proton]

Some time ago I read on here that due to a new international banking system that Thailand has signed up to, now opening a new bank account will be flagged up at home in the UK, presumably to HRMC. Is this the case and why would they need to know?

[TheAppletons]

Google the term "Common Reporting Standard (CRS)".

[sidneybear]

6 hours ago, proton said:

Some time ago I read on here that due to a new international banking system that Thailand has signed up to, now opening a new bank account will be flagged up at home in the UK, presumably to HRMC. Is this the case and why would they need to know?

If you have tax residence in the UK, and you tell that to your Thai bank as you're supposed to do, then the HMRC will indeed be notified of your Thai bank account details through the CRS/AEOI process. This is why banks periodically ask you where your tax residence is, and 'nowhere' is not an acceptable answer.

[Yumthai]

1 hour ago, sidneybear said:

This is why banks periodically ask you where your tax residence is, and 'nowhere' is not an acceptable answer.

No answer is pretty acceptable.

We're still waiting people reporting having their Thai bank account closed because they've ghosted the bank asking them to fill a CRS form.

[Gaccha]

2 hours ago, sidneybear said:

why banks periodically ask you where your tax residence is,

 

I've never experienced this. Presumably it only arises on accounts that display behaviour indicating the user has changed status.

[sidneybear]

17 hours ago, Gaccha said:

 

I've never experienced this. Presumably it only arises on accounts that display behaviour indicating the user has changed status.

It's part of the KYC/CRS/AEOI regime that Thailand has signed up to, so expect more of it. In the West, banks will ask the same questions periodically.

[sidneybear]

19 hours ago, Yumthai said:

No answer is pretty acceptable.

We're still waiting people reporting having their Thai bank account closed because they've ghosted the bank asking them to fill a CRS form.

That will happen, once the processes are in place. Thailand has signed up for CRS, so will be obliged to implement and abide by it, so enjoy your anonymous life while you can.

[sandyf]

On 2/17/2025 at 1:35 PM, sidneybear said:

It's part of the KYC/CRS/AEOI regime that Thailand has signed up to, so expect more of it. In the West, banks will ask the same questions periodically.

It is quite delusional to think that every country will respond in the same manner or that any initiative will operate exactly as intended.

You are entitled to your opinions but you have no entitlement to make out they are fact.

It would appear that the word "periodically" is not in the vocabulary of my bank, so until it is, I for one will let sleeping dogs lie.