There have recently been several prominent arrests of foreigners accused of money laundering and currency fraud. As a result, from next month Thai banks will be instructed to check more carefully the background and identities of foreigners wanting to open an account in the Kingdom.
Currently, the only documentation required is a photocopy of the ‘alien’s’ passport and, in some cases, a certificate obtained from the immigration bureau to confirm their address.
The minimum deposit to open an account varies from bank to bank but can be as low as B500. Police Colonel Seehanat Prayoonrat, chief of AMLO, said that in the future banks will be required to question applicants as to their reasons for wishing to open an account.
“In future, applicants need to show more documents as proof,” the colonel explained.
No definitive list of additional documents has yet been issued, but are likely to include a work permit or a one-year visa. Aliens might also be asked to provide proof of their residence address in their home country.
Ongoing checks will be made to verify whether the amounts being deposited and withdrawn fit the background profile and income of the applicant. For example, foreigners claiming to be students yet holding accounts of millions of baht would be suspect.
Thailand is believed to be a high-risk country for money laundering which can fund terrorism.
Financial experts say that banks are likely to react in different ways to the new regulations.
Some might restrict new alien accounts to those holding a work permit, whilst others will want documentation additional to the passport and the immigration certificate.
Others might even require police clearance from their home country.