Bangkok Bank CRS and FATCA email.

[worrab]

Last year, we were alerted that Kasikorn Bank (KBank) began issuing emails requesting compliance information under the Common Reporting Standard (CRS) and FATCA (for US citizens). It was predicted other Thai banks would follow suit—and now, some expat clients of Bangkok Bank have received similar requests.

We can be reassured that this is a standard procedure, in line with Thailand’s commitment to global tax transparency regulations.

 

Bangkok Bank is complying with CRS and FATCA regulations:

• For Americans: FATCA requires banks to report account details to US tax authorities.
• For Non-Americans: CRS ensures tax residency information is shared with international tax authorities to prevent tax evasion.

This is not unique to you or your bank—all Thai banks are required to implement these measures following Thailand’s adoption of the CRS agreement in 2020.

 

Under CRS rules, banks must:

• Confirm the tax residency of all account holders.
• Identify any connections to other countries for tax purposes.
• Share financial account details with local tax authorities, who may exchange this information internationally if needed.

This ensures overseas income and assets are properly declared. While this may feel new in Thailand, it’s a standard practice globally. Switching banks won’t avoid these requests, as compliance is mandatory across all Thai financial institutions.

 

[J Branche]

In addition Foreign Bank Accounts of US citizens with over equivalent of $10,000 are required to file an Fbar to Fincen every year.  FBAR is to combat money laundering and FACTA is tax compliance.