Money-laundering regulations start tomorrow

PHUKET: From tomorrow, anyone wanting to withdraw more than 2 million baht in cash from a bank account – or deposit more than that amount in cash – will have to fill in certain forms in order to comply with the Money Laundering Control Act of 1999. “This applies to cash transactions of more than 2 million baht. The purpose of the regulation is to prevent people from laundering money obtained from drug trafficking, corruption and so on,” explained Prayoon Tantawarak, acting manager of Bank of Asia, Phuket Branch. K. Prayoon explained that anyone making such transactions at Bank of Asia will have to fill in a form stating the following: – Full name, – ID card number, work permit or passport number (the original document must be produced at the bank), – Occupation, – Permanent and workplace addresses, – Phone and fax numbers, – Type of transaction, – The amount, and – Details of the person who will receive the money, and why they are receiving it. If the transaction is being done on another person’s behalf, a second part of the form must be filled in, giving the same details about that person. The regulations will also apply to anyone wishing to buy or sell traveler’s checks to the value of more than 2 million baht. The only exception to the regulations is made in the case of crossed checks drawn on an existing bank account. These can be traced by the Money Laundering Committee, which administers the new law. Those wishing to make large cash transactions are urged to contact their own bank for details of the bank’s specific requirements.