Bank of Thailand officials updated Pattaya financial executives on changes to Thailand’s money laundering rules.
Suthasinee Nimitkul, director of policy and exchange control, and Sanpen Saengnetsawang, director of corporate transactions, spoke to bankers and currency traders on amendments to the Prevention and Suppression of Money Laundering Act of 1999 and regulations promulgated by the Anti-Money Laundering Office.
The AMLO issued rules in August regulating the criteria and measures that can be taken to evaluate and identifying customers, and reporting transactions. They also held a meeting with foreign-exchange booth operators to inform them of relevant laws.
Offenders are subject to fines of up to 500,000 baht, plus 5,000 baht per day during the offending period, as well as jail terms of up to two years.
Suthasinee Nimitkul welcomes bankers and currency traders to the meeting at City Hall.
Pretty simple really. Anyone making deposit of over 300,000 B, in cash, and the transaction is reported to the government for investigation. Same for " big ticket " purchases, ( auto for example or a home ),over 300 M, report.
End of new rules !
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Friday May 24 - May 30, 2013 (Vol. XXI No. 21)
