Regulations on eKYC

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Thailand’s central Bank of Thailand (BOT)  introduced new regulations in August 2016 to ease the Know Your Customer (KYC) process using the electronic process (e-KYC) to open accounts on deposit acceptance of funds accepted from the public.

Financial institutions globally are increasingly being required to comply with KYC guidelines under the anti-money laundering law (AML). As per the BOT Notification No. SorNOrSor. 7/2559 the following guidelines have been issued.

  • E-KYC procedures must have the same standards as KYC procedures and available only for individual customers using electronic means such as computers, mobile phones, other electronic devices etc. Financial institutions however, must get prior approval from the BOT.

  • Electronic signatures are acceptable.

  • Verification of customers must be done using ID cards or a smart card reader

  • Financial institutions must retain all information including KYC documents or their copies as per the AML law.

Document Details

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Year of Document: 
2016
Language (This Document): 
English

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