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Regulators Argue New Fund Transfer Laws Are Vital in Thailand.
Sep. 7--Bank regulators say that current overseas transfer and currency regulations are aimed at monitoring capital flows without hindering legitimate investment or trade.
With millions of transactions occurring each month, bankers and regulators alike agree that time is needed before fraud or other illegal activity can be detected.
For currency transactions topping $5,000, both residents and non-residents must disclose the source of income and the reasons behind the underlying transaction, such as debt repayments or trade activities.
A request to exchange currency to pay for overseas tuition, for instance, might see the bank request proof of enrolment from the foreign educational institution.
Most currency transactions do not require central bank approval, only disclosure to authorities. Financial institutions must submit the forms to the central bank within three days after the transactions are made. Certain types of derivative transactions or baht-lending to non-residents are tightly controlled under capital restrictions imposed to help deter currency speculation.
The central bank will inspect underlying documents submitted for each transaction on a random basis or ...
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