BUSINESS ALERT Bank of Thailand Changes Check Seal Requirement
Here is an update for businesses and individuals having Thai bank accounts, the Bank of Thailand (BoT) has announced a new system requiring document submission by December 30, 2009. Under BoT reference 'ForRocChor (12) Wor. 123/2553 the use of seals and embossing will be replaced by a Check Cashing and Archive System (ICAS).
Customers need to contact and cancel their company seal as a condition for issuance of checks and withdrawals. The use of signatures remains the same. Companies will need to submit Director's Board Meeting Minutes. Company Registration issued within the 30 days and a copy of the ID or passport of the authorized signatories.
It's recommend to visit your bank as early as possible to confirm the process as there is a December deadline and the new ICAS system will be formally implemented in February 2010.