29 August B.E.2543To: Manager All commercial banks* No.FPG.(02)C.948/2543 Re: Circulation of the Notification of the Bank of Thailand on The requirement for a commercial bank on the practice in accepting deposits Whereas the Bank of Thailand has issued the Circulation Letter No.FPG.(02)C.700/2543 dated 19th April B.E.2543 delivering the Notification of the Bank of Thailand Re: The requirement for a commercial bank on the practice in accepting deposits, daed 7th April B.E. 2543 to all commercial banks to be informed for compliance. The Thai Bankers' Association and the Foreign Bank's Association had raised questions regarding the practice prescribed by the aforesaid Notification and given some suggestions to improve the practice to be more convenient for implementation. After thoroughly considering, the Bank of Thailand agreed with those suggestions and hereby issued another Notification Re: The requirement for a commercial bank on the practice in accepting deposits, dated 22 nd August B.E. 2543 which was published in the Government Gazette, General Issue, Volume 117, Special Part 85 Ngor, dated 25th August B.E.2543 and has come into force on and from 25th August B.E. 2543. The amendment and additional parts are printed in italic font. please be informed for compliance accordingly. Yours sincerely, (Mr.Samart Buranawatanachok) Director Special Projects and Analysiy department Financial Inbstitutions Policy Group For GovernorAttachment: The Notification of the Bank of Thailand Re: The requirement for a commercial bank on thepractice in accepting deposits, dated 22nd August B.E. 2543Special Projects and Analysis Department Tel: 283-6829Remark: * Not include International Banking Facilities [ ] The Bank of Thailand shall clarify the issue on.................at................. [x] No clarification shall be available Notification of the Bank of Thailand Re: The requirement for a commercial bank on the practice in accepting deposits _______________________ By virtue of the provisions of Section 13 quarter of the Commercial Banking Act B.E.2505, and its amendments, the Bank of Thailand hereby issues regulations for commercial banks on the practice in accepting deposits as follows: Article 1. The Notification of the Bank of Thailand Re: The requirement for a commercial bank on the practice in accepting deposits, dated 7th April B.E. 2543 shall be repealed. Article 2. In this Notification, "Deposit account" means accepting deposits of money that subject to withdrawal on demand or at the end of a specified period, by any method which the commercial bank obtains permission at present or in the future. "Depositors" include those who are assigned or authorized to open deposit accounts at commercial banks or those who act on behalf of others. Article 3. A commercial bank shall require a depositor to fill in his elaborate information in a bank's deposit application form with the signature to open a deposit account. The bank's deposit application form according to subparagraph 1 shall at least contain the depositor's information in detail as follows: (1) First name, last name, current address, occupation, workplace, and contact address. (2) In case of a juristic person, the application to open an account shall contain detailed information regarding the type of business or objectives in which the depositor is engaged in the normal course of business. Article 4. A commercial bank shall require depositors to submit identification documents or copies of those documents with signature to certify as true copies as evidence for opening deposit accounts at least the following: (1) For a depositor who is a natural person, at least the required document is a document that identifies the identification number of that person. (2) For a depositor who is a juristic person registered in Thailand, the required documents are the affidavit of the Office of Partnership and Company Registration, Department of Commercial Registration, Ministry of Commerce, a document which demonstrates an approval by the board of directors or partnership to open a deposit account with a prescription on the authority and condition of payment certified by an authorized signatory of a juristic person and affixed with a company seal (if available), and an identification document of the authorized signatory as prescribed in Article 4(1). (3) For a depositor who is a government, a government organization, a state enterprise or other government agency, the required documents are a request to open a deposit account letter with a prescription on the authority and condition of payment and an identification document of the authorized signatory as prescribed in Article 4(1) (4) For a depositor who is a cooperation, a foundation, an association, a club, a temple, a mosque, a shrine or other juristic person, the required documents are the certificate of registration of the Ministry of Interior or other related ministry or agency, a letter of appointment or a letter of attorney, a meeting minute or a letter requesting to open a deposit account with a prescription on the authority and condition of payment certified by an authorized signatory and affixed with a seal, and an identification document of the authorized signatory as prescribed in Article 4(1). (5) For a non-Thai depositor or a non-resident juristic person, the required document is a passport or an alien identification card or an identification document which is issued or certified by a credible agency or organization. The aforesaid documents also include those temporary ones which are used while waiting for such documents. Article 5. A commercial bank shall verify the identification documents or copies of those documents mentioned in Article 4 according to a normal practice with honesty and with no negligence. A commercial bank shall maintain the documents or copies of those documents which depositors have already signed to certify as true copies in a strongroom or a secure place at the commercial bank since the opening date of deposit accounts and shall continue maintaining those documents for at least 5 years from the closing date of those deposit accounts for examining or conducting an investigation or prosecution by the Bank of Thailand or other related legally authorized persons. Article 6. A commercial bank is prohibited from allowing depositors to conceal their real names and to use alias or false names to open deposit accounts. Article 7. For depositors who have opened deposit accounts at a commerceal bank before the effective date of this notification, a commercial bank shall follow the requirement of this notification within 6 months since the effective date of this notification. An exception is made for those dormant accounts which a commercial bank has already informed depositors through registered mail. Article 8. This Notification shall come into force on and from the date of its publication in the Government Gazette. Given on 22nd August B.E.2543 M.R.Chatu Mongol Sonakul Governor Bank of Thailand-YK-