Legal Services & Resources
Up to date legal information pertaining to Thai, American, & International Law.
Contact us: +66 2-266 3698
Even Cash Deposits Require ID at Thai Banks?
Transcript of the above video:
You know, I have just got to say, I am sick and tired of the Banks and the regulations at Banks and everybody trying to nudge us, push us and just basically take away all of our notions of privacy and they use these buzz words like money laundering and all of this stuff.
Money laundering wasn't even created as a term until 1987. It was created under an American Act, it was a Congressional Act. This stuff is kind of nonsensical and its attack on privacy and I'm sick and tired of hearing that "Well if you have got nothing to hide." Hey guess what? I had nothing to hide in COVID too and then they just unilaterally decided being sick was a crime for which you could be incarcerated or taken off the street or whatever or forced with certain treatments, okay? I'm not interested in hearing that "well if you're not doing anything wrong, why do you care?" Stop, okay? You're not a child, all right? People are entitled to a certain right to privacy especially with respect to their financial transactions. I'm very frustrated. People will probably watch this and be like "Ben, this has been happening for like 2 years or even longer maybe." Well guess what? I don't deal quite as often with transferring money outward. I have got a lot of people that work with us here in the firm, frankly those matters are dealt with by them. I don't see the day-to-day stuff but I was reminded that yeah even now cash deposits require identification in Thailand. I think this is just silliness. I think it's going to hurt us long term too because at the end of the day if you are noticing, people are looking for countries that believe in privacy, that believe in free enterprise, that believe in liberty, believe in just leaving people - live and let live - do what you do. It's not my business.
The way I see these Banks just going in this weird direction, I find it really creepy. We have discussed at length the so-called Digital Wallet which would be just totalitarian surveillance, but this is pretty darn close. The point of which you have to use ID just to move a little bit of money around in my mind, I mean that really is to my might beyond the pale. Thailand, we really need to rethink our banking rules and regulations; just one man's opinion.