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BUSINESS ALERT Bank of Thailand Changes Check Seal Requirement

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Posted: 14 Dec 2009 | 12:07 am

Here is an update for businesses and individuals having Thai bank accounts, the Bank of Thailand (BoT) has announced a new system requiring document submission by December 30, 2009. Under BoT reference 'ForRocChor (12) Wor. 123/2553 the use of seals and embossing will be replaced by a Check Cashing and Archive System (ICAS).

Customers need to contact and cancel their company seal as a condition for issuance of checks and withdrawals. The use of signatures remains the same. Companies will need to submit Director's Board Meeting Minutes. Company Registration issued within the 30 days and a copy of the ID or passport of the authorized signatories.

It's recommend to visit your bank as early as possible to confirm the process as there is a December deadline and the new ICAS system will be formally implemented in February 2010.

DO YOU LIKE THIS?

Sorr to interrupt you,but do you mean (bot) bank of thailand incase bangkok of thailand.

By the way nice site.

Jim

Bill Barnett responds:
Yes thats a typo and well spotting thanks for the heads up and for reading.

Jim, 14 Dec 2009 | 9:36 am

i agree, this looks like a very positive step and a welcome reief in business banking, well done to those who were behind this succesful move.

Pat McGroin, 14 Dec 2009 | 9:32 am

do you think this is a step in the right direction ? i mean in the past the Thai bnking system was kinda outdated .. you see this as an improvement ? Betty Kant
Bill Barnett responds:
Certainly is, an international standard and good sign of progress for business.

Betty Kant, 14 Dec 2009 | 4:47 am

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