TITLE: Thailand's Central Bank Imposes Administrative Penalty on Payment Service Provider for Non-Compliance
BODY:
On March 6, 2025, the Bank of Thailand (BoT) announced an administrative penalty against a regulated payment service provider for violations of the Payment System Act, B.E. 2560 (2017).
The BoT, as the regulatory authority overseeing payment service providers, imposed a combined fine of 1,826,250 Thai baht against AnyPay Company Limited and its managing director. The company, which holds licences to provide payment collection services and support services to cardholders, failed to comply with BoT-mandated standards by not conducting required internal control reviews, risk management assessments, and information security audits. Additionally, the company did not submit financial statements and shareholder information reports (identifying the top ten shareholders and their shareholding proportions) within the prescribed timeframe. These failures constituted violations under Section 24 and Section 26 of the Payment System Act.
The BoT stated that AnyPay acknowledged the violations and accepted responsibility. The company has since undertaken corrective measures to comply with the applicable standards.
The BoT emphasised that all regulated payment service providers must strictly adhere to applicable laws and standards established by the regulator. The BoT indicated it will pursue further legal action against any payment service provider found to be in breach of legal requirements and regulatory standards.
**References:**
Bank of Thailand, News Release No. 9/2569, March 6, 2025