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Posted

Just read in that other newspaper that we can't mention here that new regulations have been announced in relation to gold transactions worth 700,000 baht or more.

The new regulations take effect today (Thursday, Aug 25) & buyers & sellers must now "show their identification cards to gold shop operators".

I assume that foreigners will simply show their passports, and otherwise it will be busines as usual ... but would be interested to hear accounts from those undertaking transactions after today.

Posted

If it were me and I didn't want to do that I would just order 650,000 baht's worth in one shop and go on to the next etc until I got what I wanted.

Posted

First thing I thought of when I read the story the OP speaks of is the 1933 Executive Order 6102 in the USA.

If it gets too bad and hording becomes an issue, now the Thai government will know who has the largest amounts of gold, so when it comes time to confiscate it, it's easier.

Simple solution, don't buy over 700k worth and stay under the radar. Just in case.

Posted

We have to do the same.. Any customer buying over (I forget something like 20k USD) amounts we have to perform full banking know your customer regulations. Thats ID card, proof of address via a utility bill or statement, etc.

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