Thailand: BoT announces PayPal Thailand to suspend services
The Bank of Thailand ('BOT') announced, on 11 February 2022, that PayPal (Thailand) Limited ('PayPal Thailand') announced that it will temporarily suspend its services to individual customers during the transition of its services on 7 March 2022. In particular, the BOT noted that the suspension of the services will come in line to update and improve its products and services, and achieve compliance with different Thai Laws. Furthermore, the BOT noted that previously it monitored and accelerated companies to adjust their systems, including PayPal Thailand, to have a process for identifying and verifying the identity of natural customers in accordance with the rules of the Anti-Money Laundering and Terrorist Financing Act. Moreover, the BOT is in the process of accelerating discussions with the Office of the Anti-Corruption Commission and Paypal Thailand to assist users during the transition period.
You can read the press release, only available in Thai, here.