Changes to Thai regulations concerning international electronic transfers (IACH).
Due to a recent regulatory update issued by the local regulator impacting all Thai Financial Institutions, payment processing via the ACH clearing channel (SMART) will be disallowed from 21 October 2021. This regulatory update is a result of changes to local anti-money laundering practices for international electronic transfers.
What is the overall impact due to the revised changes in THB processing?
Following the suspension of SMART payment processing, transactions will be processed via alternative routes. Payments up to THB 49,999 delivered to beneficiary banks that are part of the PromptPay network will continue to be processed on a real-time basis.
All other payments will be processed using the SWIFT network and will therefore require two days to arrive with the beneficiary. Please note, there is no change in information required to initiate a payment.
This change in routing will only impact the following payments:
a. Transactions of THB 50,000 and above
b. Transactions to beneficiary banks that are not part of the PromptPay network; see list of banks below:
| Bank Code | Bank Name |
|---|---|
| 026 | MEGA INTERNATIONAL COMMERCIAL BANK PCL (MEGA ICBC) |
| 027 | BANK OF AMERICA NATIONAL ASSOCIATION (BA) |
| 045 | BNP PARIBAS, BANGKOK BRANCH (BNPP) |
| 052 | BANK OF CHINA LIMITED, BANGKOK BRANCH (BOC) |
| 079 | ANZ BANK (THAI) PUBLIC COMPANY LIMITED (ANZ) |
| 080 | SUMITOMO MITSUI TRUST BANK (THAI) PCL (SMTB) |
This change is effective from Thursday 21st October 2021