Documents for Application to Replace a License to Operate as an International Money Transfer Agent

The application for a license replacement to operate as an international money transfer agent requires documents for consideration, as specified by the Bank of Thailand, as follows:

1. Application form as prescribed, original copy, signed by the authorized signatory and stamped (if any). The document can be downloaded from www.bot.or.th.
2. Certification letter of intent to operate a business related to foreign exchange factors, according to the prescribed form, original copy.
3. Certification letter of the board members or those with the authority in the management of the business intending to operate related to foreign exchange factors, according to the prescribed form, original copy.
4. Certification letter of the major shareholders of the business intending to operate related to foreign exchange factors, according to the prescribed form, original copy.
5. Passport of the board members or those with the authority in the management and major shareholders, in case they are not Thai nationals, original copy. This document is issued by the respective foreign ministry of each country and used as supporting evidence for the application. If the applicant cannot present the original copy, a copy can be submitted for convenience, signed and certified by the passport owner or the authorized signatory and stamped (if any).
6. Copy of the document explaining the responsibilities of the board members or those with the authority in the management at the manager, deputy manager level, or equivalent positions called by other names, all positions, and/or organizational structure showing the details, position names/persons responsible as mentioned above. Each page must be signed and certified.
7. A copy of a document explaining the shareholding structure of the applicant who intends to engage in the international money transfer business, showing the shareholding proportion of the major shareholders and the total shares held by related persons. The document must be signed and every page must be stamped as certified true copies.
8. The latest certified list of shareholders endorsed by the Ministry of Commerce, not older than six months from the date of application. This is a document issued by the Department of Business Development.
9. A signed and stamped copy of a map and photographs showing the location of the business premises.
10. A copy of a document indicating the applicant's right to use the business premises, such as a consent letter for the use of the location as a business place. This document must specify the name and national identification number or the name of the legal entity and the registration number of the consenting party.
11. A copy of evidence and/or agreement demonstrating the existence of a reliable international money transfer service network and a document detailing the international money transfer service system. However, if the applicant has already submitted these documents to the Bank of Thailand under the criteria issued under the 2017 Payment Systems Act or the 2008 Electronic Payment Service Business Control and Supervision Act, the applicant is not required to submit these documents.
12. A copy of the policy and measures to prevent and suppress money laundering and to counter financing of terrorism and the proliferation of weapons of mass destruction, which shall not be less than the standard set by the Anti-Money Laundering Office. However, if the applicant has already submitted these documents to the Bank of Thailand under the criteria issued under the 2017 Payment Systems Act or the 2008 Electronic Payment Service Business Control and Supervision Act, the applicant is not required to submit these documents.
13.  A power of attorney for filing the application, certifying documents, and signing bilateral records in case the application and supporting documents are incomplete. The document must specify the name and national identification number of the attorney (in case the authorized person does not apply by themselves). This must be an original document. The attorney must be a regular employee of the legal entity applying for the license and must sign in the presence of an authorized signatory and witness (if any). If the power of attorney is a foreigner, a copy of the passport must be attached, signed as a certified copy by the passport holder.

Data updated on June 29, 2023

Source: Bank of Thailand

Tel. 1213