Prohibitions on operating a treasury center (Entrepreneur + director – major shareholder)

       A company that wishes to operate as a treasury center must meet the qualifications prescribed by the competent officer by submitting a request to the Minister of Finance via the Bank of Thailand (BOT) in the form prescribed by the competent officer, along with relevant documents.

In this regard, the following prohibitions with regard to business operators in relation to foreign payment factors have been prescribed:

(1) Having been under receivership by a court order or being bankrupt;

(2) Having been sentenced by a judgment or a court order to have assets vested in the state, or having been sentenced to a final judgment for money laundering offenses under the Anti-Money Laundering Act, or having been designated as a person connected with acts of terrorism or proliferation of weapons of mass destruction, or being convicted by a final judgment for financing terrorism or proliferation of weapons of mass destruction under the Prevention and Suppression of Terrorism Act and Proliferation of Weapons of Mass Destruction Act;

(3) Having had a license or business registration revoked in relation to foreign payment factors.

The provisions forbid a foreign payment factor business operator from appointing or allowing any of the following individuals to be or to act as a director or person with management power of such business operator:

(1) Is in receivership, is a bankrupt, or was a bankrupt, and the two-year period from the date of the order of bankruptcy cancellation or discharge from bankruptcy has not yet expired;

(2) Being a person of unsound mind, incompetence, or quasi-incompetence;

(3) Having been sentenced to imprisonment by a final judgment for counterfeiting and manipulation, theft, robbery, extortion, fraud, defrauding creditors, embezzlement, or accepting stolen goods, whether the sentence is suspended or not;

(4) Having been subject to a judgment or a court order that any of their assets belong to the state, or having been sentenced to a final judgment for committing an offense of money laundering under the Anti-Money Laundering Act, or having been designated as a person who has committed a terrorist act or engaged in the proliferation of weapons of mass destruction, or having been convicted by a final judgment for the financing of terrorism or the proliferation of weapons of mass destruction under the Prevention and Suppression of the Financing of Terrorism and Proliferation of Weapons of Mass Destruction Act;

(5) Being a director or a person with management authority of a business operator dealing with foreign payment factors whose license or registration has been revoked, and being in such a position at the time of the revocation incident;

(6) Previously, having been a director or executive of a public limited company who was removed from the position due to characteristics indicating a lack of suitability to be entrusted with managing a publicly held company under the Securities and Exchange Act;

(7) Having been sentenced to prison by a final judgment for a violation of foreign exchange control law.

Prohibitions in a foreign payment factor business operator against allowing a person with the following characteristics to be a major shareholder:

(1) Having been subject to a judgment or a court order that their assets belong to the state, or having been sentenced to a final judgment for committing an offense of money laundering under the Anti-Money Laundering Act, or having been a person designated as a person who has committed a terrorist act or engaged in the proliferation of weapons of mass destruction, or having been convicted by a final judgment for the financing of terrorism or the proliferation of weapons of mass destruction under the Prevention and Suppression of the Financing of Terrorism and Proliferation of Weapons of Mass Destruction Act;

(2) Having been sentenced to imprisonment by a final judgment for a violation of foreign exchange control law.