Thread: Draft bill to inspect e-bank transfers over 50,000 baht

This ought to be fun. "Who are you sending the money to?". "Myself". "Can you provide the recipient's identification". "Yes, it's Me".

etc.

The Deputy Government Spokesman Rachada Dhnadirek says the Cabinet has now approved a draft bill proposed by the Anti-Money Laundering Office (AMLO) to inspect electronic transactions exceeding 50,000 baht, in a move to combat money laundering and financing of terrorists.


According to international standards, Thailand has been found lacking on 17 issues in relation to preventing money laundering and the financing of terrorism.

Financial institutions and businesses that come under the Anti-Money Laundering Act’s Section 16, such as gem dealers, car dealers or real-estate brokers, must undergo assessment.


“All transactions will be stopped and reported to AMLO if any signs of risky behaviour are detected.”

“Individuals who send more than 50,000 baht overseas and the recipient will have to provide their identification and information to banks before the transfer is completed.”

https://thethaiger.com/news/business/draft-bill-to-inspect-e-bank-transfers-over-50000-baht

50,000 baht, is that considered to be a load of dosh?

Originally Posted by lom

50,000 baht, is that considered to be a load of dosh?

More than likely a reference to 50K as a minimum.


The ever present state paranoia continues to grow.

Originally Posted by lom

50,000 baht, is that considered to be a load of dosh?

Had bigger bar bills than that. Thailand has always had a lot of rules but it seems under the prayuth junta they now want to enforce them.....all at once.

^2

Apparently so, when criminal penalties are set at 2,000 bt fine and or 5 years.

“Individuals who send more than 50,000 baht overseas and the recipient will have to provide their identification and information to banks before the transfer is completed.”

Errrr...... how could you transfer any dosh if the your identification and information was not given to the banks concerned?

One would hope that an international transfer from one account to another in the same identity as part of an established pattern disclosing the reason for transfer to be in accordance with an immigration visa requirement or to fund personal expenditure would not require further scrutiny. But given this is Thailand one can never be too sure.

The Deputy Government Spokesman Rachada Dhnadirek says the Cabinet has now approved a draft bill proposed by the Anti-Money Laundering Office (AMLO) to inspect electronic transactions exceeding 50,000 baht

Originally Posted by HuangLao

More than likely a reference to 50K as a minimum.

Gotta get up early in the Portland morning to catch you out, eh?

It is a 1 year old thread ffs and it has so far not affected my transfers in and out of Thailand

What a plank you are, ohno.

Originally Posted by Seekingasylum

But given this is Thailand one can never be too sure.

Originally Posted by harrybarracuda

According to international standards, Thailand has been found lacking on 17 issues in relation to preventing money laundering and the financing of terrorism.

Money laundering is an international concern.

Originally Posted by OhOh

Money laundering is an international concern.

I guess that's why they've got an "Anti Money Laundering Office" then, eh HooHoo?