Thailand: Monthly disclosure reporting
Effective
1 July 2017
Section 10 of the Bank of Thailand Act, B.E. 2485 [as amended by the Bank of Thailand Act (No. 4), B.E. 2551], requires the monthly disclosure of data/information (starting with that for June 2017) of non-resident ultimate beneficial owners (NR UBOs) who hold Thai issued debt securities.
The collection of such data/information, by BOT, will not be used for tax purposes but rather for the compilation of statistics to aid in the study and monitoring of investments made by NR UBOs, supervision of financial stability as well as formulation of BOT policies.
Under Section 63 of the Bank of Thailand Act, B.E. 2485, the BOT is entitled to fine the relevant person, up to a maximum of THB 100,000, for non-compliance with the disclosure requirements (including, but not limited to, late disclosure).
Note: Updates to Disclosure Requirements – Thailand will be available on the effective date.
Impact on customers
Clearstream Banking1 will send to customers, a SWIFT MT564 notification that is flagged as a disclosure event indicating the following:
- Purpose of the disclosure;
- ISIN code;
- Record date;
- Closing position in nominal amount;
- Mandatory data/information required of the NR UBOs:
- Country code of residency;
- Institutional sector code.
- Response deadline;
- Consequences of non-disclosure and what to do in case the customer cannot or does not want to disclose.
Note: Both the country codes of residency and institutional sector codes can be obtained by sending an email with subject “PCP THAILAND DSCL” to CAdatabase.cs@clearstream.com
Customers who are impacted will need to send to Clearstream Banking one SWIFT MT565 per NR UBO by the response deadline indicating the following:
- ISIN code;
- Total nominal position;
- Mandatory data/information inserted into field :70E::INST// in SWIFT as follows:
Example: :70E::INST//BO DETAILS:
<Country code of residency>
<Institutional sector code>
Further information
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
---------------------------------------------
1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500, and Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248.