BOT instructs banks
Commercial banks are required to inspect the facts following an identity theft case that a person opens a bank account in the other person's name and identification card.
Ronadol, Numnonda, assistant governor for Supervision Group of the BOT, said that the central bank's announcement in 2016 stated that financial institutions are required to put in place Know Your Customer – KYC, the major force on anti- money laundering standards and on combating financing of terrorism.
KYC is the process identifying the customer and verifying his/ her identity by using reliable, independent source documents, data or information including identification data to verify the identity of the customer, his address/ location and also his recent photograph.
Now, the central banks ordered the financial institutions to inspect the case and make clarification and commercial banks to report their direction for this matter.
Apiphan Charoenanusorn, senior executive vice president and Head of Operations at Siam Commercial Bank, said that a new account opening requires KYC with strict conditions as normal.
