BOT cracks down on unfair bank fees

13 Sept 06:24 Key points summarised by AI

The Bank of Thailand (BOT) has issued new regulations to significantly reduce service fees charged by commercial banks and financial institutions across Thailand.
This initiative aims to lessen the financial burden on individual customers and businesses, especially small and medium-sized enterprises (SMEs), by promoting fairer and more transparent fee structures.
Effective July 1st, banks have until the end of October to implement these new rules, which prohibit them from introducing alternative charges to offset the fee reductions.
The regulations cover four key banking service categories: deposit, card, payment transaction, and loan-related services, with banks required to provide rebates if they fail to comply on time.

Nationwide crackdown launched on illegal nominee shareholders and land holdings

Today 15:20 Key points summarised by AI

Thailand's Prime Minister Anutin Charnvirakul initiated a nationwide crackdown on illegal Thai nominee shareholders in foreign-run businesses and land holdings to safeguard national interests.
The government will integrate efforts across all relevant agencies to target illicit foreign operations, forced sales of illegally acquired property, and high-risk land ownership schemes.
Key strategies include auditing suspect land and building holdings, establishing a long-term monitoring system, and cross-referencing data from various authorities to trace ultimate beneficial owners.
Prime Minister Anutin emphasized that no influential figures or corrupt officials are above the law, promising straightforward prosecution, asset seizures, and protection for enforcing officers.
Beyond land ownership, the integrated crackdown will also extend to tackle transnational crimes, including drug and human trafficking.