After Paypal warned of suspending its services in Thailand starting March 7, the company announced yesterday that it will in fact keep providing services in the country until the end of the year. Paypal had warned it would close services in Thailand after Thai authorities wanted it to verify all users’ identities, in order to prevent money laundering.
But now, Paypal has released a statement apologising for confusion, and clarifying that it has canceled the account limitations scheduled to start in Thailand on March 7. Current users can still use paypal’s consumer and business services until the end of the year. Paypal will meanwhile work to comply with the country’s financial regulations, and update products and services. The statement said Paypal will share more details with customers later this year.
“This will include collecting the necessary identification data from natural persons for Know Your Customer verification in accordance with Thai laws”.
Swift financial services states that Know Your Customer standards are designed to protect financial institutions from “fraud, corruption, money laundering, and terrorist financing”.
SOURCE: Hua Hin Today | Swift