Bank asked to explain how it allowed big transfer

[Lite Beer]

Bank asked to explain how it allowed big transfer
The Sunday Nation

BANGKOK: -- A bank will be asked to explain how an illegal drug network could transfer Bt14.4 million online without raising suspicion.

The 'please explain' demand follows the arrest of Theeradech Rahothan in Pathum Thani's Thanyaburi district on Thursday and the seizure of 62,000 yaba tablets.

Office of Narcotics Control Board (ONCB) secretary general Pongsapat Pongcharoen told a press conference yesterday that Theeradech, 27, was hired to collect drugs and store them at his home pending further instruction to deliver the drugs.

He said police also found a bank account book belonging to a female acquaintance of Theeradech that showed Bt14.5 million was sent to the account on June 8 and an hour later Bt14.5 million was withdrawn.

The ONCB and the Anti-Money Laundering Office would ask the bank how it was possible such a large amount was transferred when the daily maximum for an electronic transfer was supposed to be Bt2 million.

Pongsapat said authorities were investigating the possibility that someone at the bank was involved with the gang.

-- The Nation 2014-06-22

[terryp]

possibly the bank guy worked previously for HSBC

[clockman]

Which bank?

[american12bthai]

i tried to send my friend 100 usd once, from a thai bank. i couldnt do anything without his bank contact information (which i had), AND i neede HIS passport information. <deleted>? so i asked her how millions disappears from a certain criminal account when they have such precautions against me moving 100 usd. YES, somone at the bank is dirty. TO JAIL THEY GO!!!.

[pitrevie]

The Bangkok bank copies my passport each time (which is usually once a month) when I transfer my monthly allowance between my savings and ATM Bangkok bank accounts and I rarely take an aspirin.

[GeorgeO]

More applause for the junta. Now they are following the money trail and this will surely lead to some major king pin busts, whilst also identifying their money launderers.

With sufficient similar successes, the considerable proceeds that can be sequestered from these scumbags can also help Thailand to top up the empty coffers that the PTP left behind.

[howzat]

Why HSBC?

[worgeordie]

The man in the street has to go through the wringer if he wants to transfer

a few quid back to UK or where ever, wonder what system all these corrupt

officials use for getting their ill gotten gains, to HK,Switzerland,or Caymans?

regards Worgeordie

[garydubbs]

Why HSBC?

they were caught money laundering billions of dollars for mexican drug cartels

http://www.bloomberg.com/news/2013-07-02/hsbc-judge-approves-1-9b-drug-money-laundering-accord.html

Edited June 22, 2014 by garydubbs

[PaullyW]

Should be quite easy to explain.

They should just tell them 'it's Thainess'.

[noitom]

Notice how they are soft pedaling "the bank." Not naming. Who was the EVP in charge? In a money laundering center like Bangkok, it is astonishing that there is never a major bank bust, but rather the anonymous bank is "being asked" to explain. Preposterous. Then Thais wonder why they are dropped on global watch lists. How can the Thai public change their culture of corruption, coverup, selective application of law and order, if there is never a big company or bank bust? Everyone knows the Thai banks are in on it.

[ezzra]

No mystery really, any one who worth his/her salt and living in TH knows that knowing

the right person in any establishment, being in government or private sector, can always,

with the right amount of payola, get practically any thin don that a man in the street would

find it hard to accomplish...

[NongKhaiKid]

Should be quite easy to explain.

They should just tell them 'it's Thainess'.

Exactly, just transferring money for someone to pay the medical bills of the family water buffalo.

[clockman]

Should be quite easy to explain.

They should just tell them 'it's Thainess'.

Of course, that explains everything!

[MMarlow]

Notice how they are soft pedaling "the bank." Not naming. Who was the EVP in charge? In a money laundering center like Bangkok, it is astonishing that there is never a major bank bust, but rather the anonymous bank is "being asked" to explain. Preposterous. Then Thais wonder why they are dropped on global watch lists. How can the Thai public change their culture of corruption, coverup, selective application of law and order, if there is never a big company or bank bust? Everyone knows the Thai banks are in on it.

Preposterous indeed.

"Everyone knows the Thai banks are in on it." ... Although you may be privy to information not in the public domain, certainly everyone does not know that "the Thai banks are in on it", whatever "it" is, or is that just another of your ridiculous, unjustified generalisations?

"In a money laundering center like Bangkok, it is astonishing that there is never a major bank bust,..." Maybe local Thai banks are not knowingly involved in whatever it is you are suggesting they are involved in and if you do know that they are involved let's have the name of the bank you're thinking of, without the soft pedalling you're accusing others of doing, and exactly what they are involved in.

[MaxLee]

"BANGKOK: -- A bank will be asked to explain how an illegal drug network could transfer Bt14.4 million online without raising suspicion."

Do you know for whom the police is working for??? Anyone???

[clockman]

Name the bank!

[poohy]

Regardless of apologist's or accuser's if the limit for electronic daily transfer is 2 million and some so and so has transferred 14.5million something has gone wrong and security at a bank has been overlooked or compromised. The bank should be named and investigated in the open.

[pitrevie]

Given the financial penalties imposed on banks in Europe and the USA for all sorts of dubious dealings with nary even one person having to spend time at HM's pleasure as we say in the UK the Thai banks have a lot of catching up to do.

[chainarong]

There should be a max limit you can send, mine from OZ is ten grand , the Max , also the taxation in OZ has electronic gadgets that will set off alerts if you are dealing in to much money overseas or even local, as to this large amount , unless you are a registered company ,it's an inside job .

[FangFerang]

The banks allow such transfers on both sides of the fence, and that means there will be no regulation and utter non-action.

Amazing Thailand.

[trainman34014]

The whole banking industry in Thailand needs cleaning up and maybe this is just the beginning. They really do need to get their heads around 'naming and shaming' if they want to make serious changes. Scrap the stupid defamation laws dear General and go right for the throat of every major criminal in the land.

[metisdead]

An inflammatory off topic post has been removed as well as a reply.

[LuckyLew]

easy answer .... 10% commission 555

[smedly]

More applause for the junta. Now they are following the money trail and this will surely lead to some major king pin busts, whilst also identifying their money launderers.

With sufficient similar successes, the considerable proceeds that can be sequestered from these scumbags can also help Thailand to top up the empty coffers that the PTP left behind.

yup you are 100% correct - and I will add this

I'll take a bet that either a senior ranked cop - PTP MP - or a senior Redshirt is involved or very possibly all three

we saw a senior cop transferred yesterday after the gambling den was raided (he should have been sacked)

What I and many others have been saying for years in this country - how can you rely on a police force combating crime when they are involved in running it, a fine example of the deep seated corruption in this country all the way to the top - how on earth can you have a functioning democracy in such a place ? it is truly rotten to the core

I hope General Prayuth ignores international pressure and and takes his time in sorting all this (deleted) out - 15 months is not enough time - I'd say at least 3 years

[Always18]

Last year, when going to collect our new pick-up I took along my laptop expecting to be able to transfer the cash, online at the time of purchase.

No such luck, as I discovered the max daily transfer limit was 500,000 Baht, and I was obliged to visit the nearest branch of our bank to physically withdraw 1mil. in cash to take back to the showroom (and get charged 1500Baht for the benefit of withdrawing my own money!).

Not sure where the claimed daily transfer limit of 2 mil. came from.........................

[rabas]

Only slightly off topic but related to what happens in Thai banks. Twice in the last year I was short changed by ATM machines when withdrawing 10,000 in 1000 note bills. Both times, one of the 1000 baht notes was replaced by a smaller piece of paper about 70% the size of the notes. The bills were serialized and there was a gap in the numbers where the bill should have been, obviously the bill was replaced by someone. The small slip of paper was an ordinary machine generated receipt that totaled to 0.00 baht, meant to fool someone who found an extra slip of paper in their wallet.

Clearly this happened at the bank or under the bank's control. I thought I would 'help' them by giving them the entire undisturbed contents from the machine to investigate but there was no interest. When I tried to get my money bank I was told there was a long involved process. I didn't accept that and started making noise and even contacting departments involved, telling them I knew that the bank knew all about this problem. Next day someone from the bank delivered a new 1000 baht not to my house.

What was really surprising was the machines could dispense a piece of paper that was so obviously not a bank note. Don't these machines check for such things? Or was the machine also fixed?

[Travel2003]

Why should they name the bank?

Frankly, I'm surprised they name so many things already, in so many cases, before the investigation is finished.

A couple of foreign visitors are upset because the local authorities don't include them in the info-loop during an investigation.

[useronthenet]

Certainly for any large amount of money to be transferred will need the co-operation of the bank. Therefore it is safe to assume they are indeed part of the problem.

Clearly the mop for cleaning all the house of corruption needs to be larger than anticipated if he's to keep to the schedule.

[thumper101]

Obviously the bank employees that are involved in this transfer are easily singled out seeing as they have to sign it off.

So it is bloody obvious who has been paid to allow this transfer without anti money laundering checks.

So why are they asking casual questions and not just raiding the bank branch and arresting those who made the transfer?

Interview them all separately..... It only takes one to crack and spill the beans to save their own ass 'in a deal'.