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ResourcesCorporate and Tax AdvisoryThailand Corporate Law"Financial Tracking Protocols" at Thai Banks?

"Financial Tracking Protocols" at Thai Banks?

Transcript of the above video: 

I've done a number of videos recently about banks, banking protocols, all this biometric nonsense associated with this. The OECD rolling out over here and telling us all that we need to be involved in this supranational - I don't know - Kumbaya whereby we are all supposed to join hands and have this heightened scrutiny and lack of privacy when it comes to banking. 

That said, I thought of making this video after reading a recent article from the Pattaya Mail, that is pattayamail.com, the article is titled: Why intensified audits make a separate Thai Will essential for expats in 2026. As the title of that article suggests, the thrust of it is going in a different direction from what we're talking about here. 

That being said, before I jump in here real quick, I have had people ask us, ask me, "any way that we can support you even though we don't necessarily need to avail ourselves in a law firm. We know that you don't monetize your channel, but we sort of appreciate what you do." Yeah, there is. My better half and I set up a restaurant here in downtown Bangkok, it's called Pancake Palace. As the name implies, it's breakfast anytime as well as American Diner style food: hamburgers, cheeseburgers; we've got buffalo wings, we've got hot dogs. Again, we've got breakfast anytime and of course pancakes. If you are interested, links are in the description below. We'd love to see if you're in Bangkok and wanting to come on by. 

That being said, again the thrust of this article goes in a different direction than what we are talking about, but quoting directly: "At the same time, Banks and financial institutions have tightened their financial tracking protocols under International tax reporting frameworks." Yeah, I have discussed this at length and it's just a fact. We are now having to deal with this. I personally have tremendous amounts of problems with it. I'm really tired of people sending me emails by the way where they are saying "you know by the way when you deposit your money, you become a creditor of the bank? it's not your money being held." Yes, I get it, they're not a bailor or a bailee, they are a bank. But at the same time, I'm also really sick and tired, especially in the post bailout era of 2008 where governments - basically tax money - went in to save these Banks. Then now these banks are coming around and telling everybody that they have to be tracked and traced, and we all have to tell them and disclose every little thing about our financial privacy. They also attempted to do all this digital money stuff and thereby enslave us even further. It's not right; it's just wrong, and I'm not a fan of it. I think this needs to stop. Frankly, I think Thailand is going to end up in a bad way over this, because I think at the end of the day, one of the things the people really liked about Thailand some five years ago and before, was the fact that banking was relatively straightforward and Thais minded their own business when it came to matters pertaining to banking. 

Now there are those out there that will say, "Well there are a lot of bad actors; we need to do this, that and the other thing." Yeah, and communal punishment isn't the response to that. How about law enforcement does its job, finds the bad actors? It's like right now, we still here at the firm, we still get these scammers that pose as us at Integrity Legal, and they have mule accounts and things still. But supposedly, all these people's bank accounts were frozen to go after the mule accounts, but I haven't seen any of that. 

That said, long story short, I think this “financial tracking” protocol stuff is probably here to stay. That being said, we will certainly be keeping folks updated on this channel as the situation evolves.