Financial Transaction Reporting Clauses in Thailand

Understanding Exempted Transactions

In Thailand, certain financial transactions are exempt from reporting requirements. These clauses provide clarity on which transactions do not need to be reported.

Types of Exempted Transactions

Credit Card Network Services

• Operations in the Electronic Data Capture (EDC) network
• Payments made through Automatic Deposit Machines or ATMs
• Transactions between finance companies and other financial institutions for investment purposes
• Internal company transactions

Reporting Requirements

Separate Reports for Multiple Criteria

• If a transaction falls under multiple criteria, it will be considered as separate reports for each criterion.
  • Example: A customer makes a cash transaction to buy property worth over five million baht. The company must report both the cash transaction in Form AML 1-01 and the property-related transaction in Form AML 1-02.

Suspicious Transactions

Consideration of Exempted Transactions

• Even exempted transactions can be considered suspicious if they match certain criteria.
  • In such cases, companies are still required to report these transactions.

Examination of Transactions

• Companies are responsible for examining all transactions, even if they fall under exemptions, to determine if they are suspicious.

Form Requirements

The reporting forms for cash and property-related transactions (AML 1-01 and AML 1-02) must be used as specified by the law.