Money and Banking: Banking Laws

Bank of Thailand Act
(โครงสร้างพันธกิจของธนาคารแห่งประเทศไทย)

Date Enacted: 24th April 1942

Individuals and Organizations Regulated: The Bank of Thailand, all commercial banks, finance companies,  and other financial institutions operating in Thailand.

Activities Regulated: The Bank of Thailand Act provides the Bank of Thailand (BoT) with a wide range of powers and responsibilities, including overseeing and regulating the financial system in Thailand, issuing currency, promoting financial stability, and setting monetary policy. The Act also sets out the organizational structure of the Bank of Thailand and outlines its relationships with other government agencies and financial institutions.

Purpose of the Law: The purpose of the Bank of Thailand Act is to establish the Bank of Thailand as the central bank of Thailand and to provide it with the necessary powers and responsibilities to ensure the stability and soundness of the financial system in Thailand.

Financial Institutions Business Act 
(กฎหมายว่าด้วยธุรกิจสถาบันการเงิน)

Date Enacted: 3rd September 2008

Individuals and Organizations Regulated: The Financial Institutions Business Act (FIBA) regulates all financial institutions operating in Thailand, including commercial banks, finance companies,  and other non-bank financial institutions.

Activities Regulated: The FIBA sets out the requirements for licensing and operating a financial institution in Thailand, including minimum capital requirements, governance standards, and risk management guidelines. It also outlines the responsibilities of financial institutions in terms of consumer protection, anti-money laundering, and combating the financing of terrorism.

Purpose of the Law: The purpose of the FIBA is to promote the stability and soundness of the financial system in Thailand by regulating financial institutions and ensuring that they operate in a safe and sound manner and protect the interests of their customers.

Securities and Exchange Act
(กฎหมายตลาดหลักทรัพย์และตลาดหลักทรัพย์แห่งประเทศไทย)

Date Enacted: 4th July 1992

Individuals and Organizations Regulated: The Securities and Exchange Act regulates securities-related activities and entities operating in Thailand, including securities companies, securities brokers, securities dealers, and listed companies.

Activities Regulated: The Act sets out the regulatory framework for securities trading, including the requirements for issuing and trading securities, disclosure and reporting requirements, and market conduct standards. It also establishes the Securities and Exchange Commission (SEC) as the primary regulator responsible for overseeing the securities market in Thailand.

Purpose of the Law: The purpose of the Securities and Exchange Act is to promote investor protection, ensure the integrity of the securities market, and facilitate the development of the capital market in Thailand.

Anti-Money Laundering Act
(กฎหมายป้องกันและปราบปรามการฟอกเงิน)

Date Enacted: 26th July 1999

Individuals and Organizations Regulated: The Anti-Money Laundering Act (AMLA) regulates all financial institutions and other businesses operating in Thailand, including banks, securities firms, insurance companies, and real estate developers.

Activities Regulated: The AMLA sets out the requirements for customer due diligence, reporting suspicious transactions, and maintaining records of transactions. It also establishes the Anti-Money Laundering Office (AMLO) as the primary regulator responsible for enforcing the law and preventing money laundering and the financing of terrorism in Thailand.

Purpose of the Law: The purpose of the AMLA is to prevent the use of the financial system in Thailand for money laundering and the financing of terrorism by establishing a comprehensive regulatory framework for financial institutions and other businesses to prevent, detect and report suspicious transactions.

Personal Data Protection Act
(กฎหมายคุ้มครองข้อมูลส่วนบุคคล)

Date Enacted: 27th May 2019

Individuals and Organizations Regulated: The Personal Data Protection Act (PDPA) regulates the collection, use, and disclosure of personal data by both private and public entities operating in Thailand.

Activities Regulated: The PDPA sets out the requirements for obtaining consent, notifying individuals of the purposes for which their personal data is collected, and protecting personal data from unauthorized access, use, and disclosure. It also establishes the Personal Data Protection Committee (PDPC) as the primary regulator responsible for enforcing the law and protecting personal data in Thailand.

Purpose of the Law: The purpose of the PDPA is to protect the privacy and personal data of individuals in Thailand by establishing a comprehensive regulatory framework for the collection, use, and disclosure of personal data by private and public entities operating in Thailand. It also aims to promote the development of a digital economy by establishing trust and confidence in the use of personal data in the digital environment.

Foreign Business Act
(กฎหมายว่าด้วยธุรกิจต่างประเทศ)

Date Enacted: 1999 (amended in 2007)

Individuals and Organizations Regulated: The Foreign Business Act (FBA) regulates foreign investment in Thailand and foreign-owned businesses operating in Thailand.

Activities Regulated: The FBA sets out the requirements for foreign businesses to obtain permission to operate in Thailand, including restrictions on foreign ownership in certain sectors and the requirement to obtain a foreign business license. It also outlines the penalties for non-compliance with the Act.

Purpose of the Law: The purpose of the FBA is to regulate and control foreign investment in Thailand in order to protect national security, prevent monopolies, and promote the development of Thai businesses. It also aims to ensure that foreign businesses operating in Thailand comply with Thai laws and regulations.

Electronic Transactions Act
(กฎหมายว่าด้วยการเดินทางอิเล็กทรอนิกส์)

Date Enacted: 2001 (amended in 2017)

Individuals and Organizations Regulated: The Electronic Transactions Act (ETA) regulates electronic transactions in Thailand, including the use of electronic signatures, electronic documents, and electronic data messages.

Activities Regulated: The ETA sets out the requirements for the use of electronic signatures, electronic documents, and electronic data messages, including the legal recognition of electronic signatures and documents in Thailand. It also outlines the responsibilities of service providers and other parties involved in electronic transactions.

Purpose of the Law: The purpose of the ETA is to promote the use of electronic transactions in Thailand and establish a legal framework for the use of electronic signatures, documents, and data messages. It aims to facilitate electronic commerce, reduce the costs of transactions, and increase efficiency and security in electronic transactions.

Consumer Protection Act
(กฎหมายคุ้มครองผู้บริโภค)

Date Enacted: 1979 (amended in 2015)

Individuals and Organizations Regulated: The Consumer Protection Act (CPA) regulates the relationships between consumers and businesses in Thailand, including the sale and provision of goods and services.

Activities Regulated: The CPA sets out the requirements for businesses to provide accurate and truthful information to consumers, including product information, prices, and advertising. It also establishes the Consumer Protection Board as the primary regulator responsible for enforcing the law and protecting consumers in Thailand.

Purpose of the Law: The purpose of the CPA is to protect the rights and interests of consumers in Thailand by establishing a comprehensive regulatory framework for businesses selling and providing goods and services. It aims to ensure that businesses operate fairly and transparently, and that consumers have access to accurate and truthful information to make informed decisions.

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