BANKBackground
Bank of Thailand updates KYC rules for specialized financial institutions
The Bank of Thailand issued Notification No. 38/2569 updating Know Your Customer (KYC) requirements for opening deposit accounts at specialized financial institutions (SFIs), effective 180 days from publication in the Royal Gazette. The new rules streamline identification and verification, allow standard digital identity verification as a sole method for non-face-to-face account opening, permit risk-based alternative processes for existing customers' subsequent accounts, and enable case-by-case exceptions with BOT approval. The previous Notification No. SorKorSor 31/2562 is repealed.
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