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What recent changes in Thai law affect international money transfers for pensions?

Thai VisaPension TransferInternational Money TransferRegulatory ChangesThai Banking LawsForeign PensionExpat Financial Regulation
Aug 25, 2020
4 years ago
Roger ********
ORIGINAL POSTER
Of passing interest perhaps. The Thai widow of an old mate has been recieving a widows pension for some years. No problems. First of this month, it fails to appear. Long story short, seems a new Thai law kicked in on Aug 1 requiring that money being transferred into Thailand identifies the sender. She now has to say, who is sending the money. Would have been easier if the Thai authorities had let anyone know.
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TLDR : Answer Summary
A recent change in Thai law, effective August 1, requires transparency in international money transfers, specifically that the sender's information must be identified. This has impacted a Thai widow receiving a pension from the UK, as her payments did not arrive on time due to these new regulations. Several commenters discussed their experiences with international transfers, the implications of compliance laws, and the challenges of obtaining clear information on these changes.
Ryan ********
This is strange as any transfer will have the senders details attached to it! I work for a financial institution here in Canada and wires or pre-authorized credits have the senders information (ie name of sender) attached to the transfer.

My guess is they were looking for the source of funds at the recipient bank. iE why are you getting these funds. Or they had a bigger issue with their bank account.
4 years ago
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Roger ********
ORIGINAL POSTER
Nobody seems to want to give an explanation. Believe me, I've tried. We have now filled in all the details that her bank are asking for bar a couple which I am waiting for the pension provider to send.
4 years ago
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Roger ********
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Roger ********
ORIGINAL POSTER
This is what the widow received from the Bangkok Bank branch in London when she finally got through.
4 years ago
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G*
@Roger *******
 it's part of the compliance act towards the anti money laundering regulation. Chances are the form didn't correctly filled in.

I assume it was regularly transferred by person (by going to the bank's teller, deposit the money, etc) or thru remittance agents, not by direct debit.
4 years ago
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Roger ********
ORIGINAL POSTER
@Ko ********
 The pension was being transferred by Swift. I do not really understand the arrangement which I had no part in setting up. Trying to get explanations at the moment is not easy. Half of the UK still has not returned to work. Everything is slow.
4 years ago
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G*
@Roger *******
 "Customer Identification purposes" mentioned in the 1st paragraph is strongly related to KYC/Know Your Customer process.

Mostly because if the system flagged that either the reciever or the sender (depends on whose system which detected it) subjects compliance department and need to give their identities, reason to send the money, relationship between the sender and receiver and sometimes even the proof of relationship and/or the proof of how the money obtained/used.

Unfortunately in South East Asia, Thailand, Indonesia and Malaysia are on top of the fraud suspected countries.
4 years ago
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Maxim ***********
I have never heard of such law and I received a lot of international transfer. Is there an amount the transfer needs to be for this to happen? I receive 40k baht on august 24, no question asked.
4 years ago
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Graham *********
I send money transfer to thailand and I have to declare what the money is for....transferwise I use...
4 years ago
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Roger ********
ORIGINAL POSTER
@Maxim **********
 this widow is getting less than 900 gbp per month
4 years ago
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Roger ********
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Roy ***********
Probably it is impossible to inform everybody of a new law, so it gets published somewhere. Banks should inform their customers. Not sure if they did not do it, my Thai is not exceptional. :-)
4 years ago
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Roger ********
ORIGINAL POSTER
@Roy **********
 the lady went to her local branch manager, who shrugged.
4 years ago
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Roger ********
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Kool *******
Lot of details missing in your post. From what country, and under what pension plan is she receiving the money. It might be as simple as re-submitting the request for direct deposit. As international money transfer laws changed in 2018. It has taken some countries time to fully comply with change. I had to change how I received my pension from overseas at the end of 2019, but it was simply resubmitting by direct deposit form.
4 years ago
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Roger ********
ORIGINAL POSTER
@Kool ******
 2nd request failed too. When the lass finally managed to speak to the right person in London, the response was - we were waiting for you to call.
4 years ago
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Roger ********
ORIGINAL POSTER
Filling the forms in as we speak
4 years ago
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Roger ********
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Bim *******
Not something I have heard about. Was the money sent from overseas?
4 years ago
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Roger ********
ORIGINAL POSTER
@Bim ******
 from the pension dept. to the Bangkok Bank branch in London.
4 years ago
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Roger ********
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