August 23, 2016
The Thai government recently promulgated new regulations for financial institutions on accepting deposits or receiving money from the public. The regulations aim to enhance the security and stability of these processes, and therefore improve the credibility of commercial banking business.Under Bank of Thailand Notification SorNorSor 7/2559, financial institutions must set up mechanisms to ensure effective and accurate identification and verification of their customers, commonly referred to as “Know Your Customer” (KYC).