Thailand: Additional details required for monthly disclosure reporting - update
Note: This Announcement, originally published on 19 July 2019 and updated on 31 July 2019 has been further updated to reflect the use of field :95V: instead of :70E: in SWIFT MT565. The changes have been highlighted.
Clearstream Banking1 informs customers that effective
1 November 2019
the Bank of Thailand (BOT), under Section 10 of the Bank of Thailand Act, B.E. 2485 (as amended by the Bank of Thailand Act [No.4], B.E. 2551), now requires three additional details to be reported (starting with the reporting for October 2019 holdings) by non-resident ultimate beneficial owners (NR UBOs) who hold Thai issued debt securities:
- legal ID;
- legal unique ID type code;
- full legal name.
This is further to the existing monthly disclosure request that was implemented in July 2017, for UBOs who hold Thai issued debt securities (see Announcement A17097).
The collection of such data by BOT, is due to concerns over the rapid appreciation of Thai Baht (THB) relative to its regional peers and forms part of the BOT’s measures to prevent THB speculation.
Under Section 63 of the Bank of Thailand Act, B.E. 2485, the BOT is entitled to fine the relevant person, up to maximum of THB 100,000 for non-compliance with the disclosure requirements (including, but not limited to, late disclosure).
Impact on customers
Clearstream Banking 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;
- Legal ID;
- Legal unique ID type code;
- Full legal name;
- Response deadline;
- Consequences of non-disclosure and what to do in case the customer cannot or does not want to disclose.
Note: The latest official lists of country codes of residency, institutional sector codes, legal ID formats and legal unique ID type codes as per the Bank of Thailand’s requirements can be obtained by sending an email with subject “PCP THAILAND DSCL” to CAdatabase.firstname.lastname@example.org .
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 :95V::OWND// in SWIFT as follows:
Example: :95V::OWND//BO DETAILS
<Country code of residency>
<Institutional sector code>
<Legal unique ID type code>
<Full legal name>
For further information, please contact Clearstream Banking Client Services or your Relationship Officer.
1. Clearstream Banking refers collectively to 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, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.