Section 147 For the offense under Section 140, Section 141, Section 142, Section 143, Section 144, Section 145 or Section 146, if the offender is an officer of a financial institution, he shall be liable to the same penalty as prescribed for such offense.

Section 148 Any auditor, appraiser or specialist who audits the accounts for the purpose of expressing an opinion on the financial statements not in accordance with the law on auditor or additional stipulations prescribed in the notification of the Bank of Thailand, or makes a false report, or violates or fails to comply with Section 69 or Section 70 or Section 71, or dishonestly appraises value of property, as the case may be, shall be liable to imprisonment for a term not exceeding three years or a fine not exceeding five hundred thousand Baht, or both.

Section 149 Whoever causes a director, a manager or a person with power of management or a specialist of a financial institution to commit an offense provided in Section 140, Section 141, Section 142, Section 143, Section 144, Section 145, Section 146 or Section 148, whether by employment, making order, threat, hire, or by any other means, shall be liable to the same punishment as provided for such offense.

Section 150 Whoever, by any means whatever, does any act to assist or facilitate a director, a manager, a person with power of management, an auditor or a specialist of a financial institution in committing any offense provided in Section 140, Section 141, Section 142, Section 143, Section 144, Section 145, Section 146 or Section 148, whether before or at the time of committing the offense shall be liable to the same punishment as provided for such offense unless such person does not know of such assistance or facilitation.

Section 151 The public prosecutor, when instituting criminal prosecution for any offense under Section 140, Section 141, Section 142, Section 143, Section 144, Section 145, Section 146, or Section 148, Section 149 and Section 150, shall have power to claim the restitution of the property or the value thereof or damages on behalf of the injured person and shall be exempted from the Court’s fee.

Section 152 In the case where there is evidence that any person committed an offence under Section 140, Section 141, Section 142, Section 143, Section 144, Section 145, Section 146, or Section 148, Section 149 and Section 150 and the Bank of Thailand considers that the damage to the public interest may be caused unless an immediate action is taken, the Bank of Thailand shall have the power to order the seizure or attachment of properties of such person, or properties which may legally be deemed to be the properties belonging to such person or the properties which in the circumstance is reasonably believed to belong to such person. The seizure or attachment may not be longer than one hundred and eighty days unless a case has been filed in Court, in which event the order of seizure or attachment shall continue to operate until the Court orders otherwise. Where circumstances render it impossible to
file the case in the Court within one hundred and eighty days, the Court having territorial jurisdiction may extend the period of seizure or attachment as requested by the Bank of Thailand.

The Bank of Thailand shall have power to appoint officials of the Bank of Thailand to seize or attach the properties under the first paragraph.

The procedures for the seizure or attachment of property and the setting of an amount of money indispensable for living and the family of the person whose properties are seized or attached under the first paragraph shall be in accordance with the rule as prescribed in the notification of the Bank of Thailand.

Whoever destroys, removes, conceals, takes away, loses or renders useless, transfers to other persons, or commits any act causing damage the properties seized or attached under the first paragraph shall be liable to imprisonment for a term not
exceeding ten years or a fine not exceeding one million Baht.

Section 153 In the case where there is a reasonable ground for suspecting that the person under Section 152 is about to abscond from the Kingdom, the Criminal Court upon the request of the Bank of Thailand shall have the power to restrain such person from leaving the Kingdom.

In the case of emergency, the Commissioner-General of the Office of the Royal Thai Police upon the request of the Governor of the Bank of Thailand or any person designated by the Governor of the Bank of Thailand shall have power to restrain the person under Section 152 from leaving the Kingdom for a temporary period not more than fifteen days until the Criminal Court shall order otherwise.

Whoever violates the order of the Criminal Court under the first paragraph or the Commissioner-General of the Office of the Royal Thai Police under the second paragraph, or assists such person shall be liable to imprisonment for a term not exceeding ten years and a fine not exceeding one million Baht.

Section 154 Whoever, in the performance of his duty upon the power and duty prescribed under the law or in the performance of assisting those performing their duties upon the power and duty prescribed under the law, having acquired knowledge of the business of a financial institution which, in a normal business, is to be held in confidence, discloses such knowledge to other persons shall be liable to imprisonment for a term not exceeding one year or a fine not exceeding one hundred thousand Baht or both.

The provision under the first paragraph shall not apply to disclosure under the following circumstances:
(1) disclosure in the performance of his duty or for the purpose of investigation or trial;
(2) disclosure of the commission of an offense under this Act;
(3) disclosure to the auditor of such financial institution or to the domestic and
foreign authorities having powers and duties to supervise such financial institution; (4) disclosure of information to facilitate the performance of duty of the domestic and foreign authorities having powers and duties to supervise financial institution or financial business in accordance with the agreements signed by them.
(5) disclosure for the purpose of rectifying the condition and operation of such financial institution;
(6) disclosure for the purpose of granting credits of the financial institution; (7) disclosure of confidential information of a customer of the financial institution that had already been disclosed to the public;
(8) disclosure of confidential information of a customer of the financial institution with the consent of the customer;
(9) disclosure to companies within the financial business group of such financial institution;
(10) disclosure for the purposes of compliance with the laws.

Section 155 Whoever, in the performance of the duty of the person with power of management or an officer of a financial institution, has acquired or obtained the confidential information of such financial institution and discloses such confidential information in a manner likely to cause damage the other persons or the public, shall be liable to imprisonment for a term not exceeding one year or a fine not exceeding one hundred thousand Baht or both.

The provision under the first paragraph shall not apply to any disclosure as prescribed in the second paragraph of Section 154.

Section 156 For the offense under Section 122, Section 124, Section 125, Section 128, the second paragraph of Section 132 and Section 139, the committee appointed by the Minister shall have power to settle out of court.

The committee appointed by the Minister under the first paragraph shall consist of three members, at least one of whom shall be an investigating officer under the Criminal Procedure Code.

Where a case has been settled by such committee and the alleged offender has paid the fine as fixed within the period of time specified by the committee, the case shall be regarded as terminated under the Criminal Procedure Code.

Transitional Provisions

Section 157 It shall be deemed that a commercial bank, finance company, and credit foncier company already licensed to undertake the commercial banking business, finance business or credit foncier business, as the case may be, prior to the date of this Act coming into force is the financial institution which is licensed to undertake such business under this Act.

Section 158 The Ministerial regulations, notifications of the Ministry of Finance and notification , circulars, orders or stipulations of the Bank of Thailand on commercial banking business, finance business and credit foncier business, which are in effect prior to the date of this Act coming into force shall remain in effect in so far as they do not conflict or not inconsistent with the provisions of this Act until the notifications or orders under this Act are prescribed.

Section 159 Any financial institution granted relaxation to invest, purchase or hold shares in excess of the ratio prescribed under Section 34 prior to the date of this Act coming into force shall be entitled to hold or possess such shares in accordance with the same rule of the relaxation granted, but for the period not exceeding five years from the date of this Act coming into force.

In the case where any financial institution has been granted relaxation for granting credits, investing, undertaking contingent liabilities, or undertaking the credit-like transaction in excess of the ratio prescribed under Section 50 prior to the date of this Act coming into force, such financial institution shall be entitled to grant credits, invest, undertake contingent liabilities or undertake credit-like transaction in accordance with the binding contract until the date of performing such obligation as specified in such contract.

Any financial institution granting credits, investing, undertaking contingent liabilities or undertaking credit-like transaction to any person and his related person, in aggregate, in excess of the ratio as prescribed under Section 50 prior to the date of this Act coming into force, where such granting of credits, investments, contingent liabilities or credit-like transaction does not violate the law on commercial banking or the law on finance business, securities business and credit foncier business enforced during such period, such financial institution shall be prohibited from granting any credits, investing, undertaking contingent liabilities or undertaking credit-like transaction further to such a person or his related person and shall take any action to reduce such credits, investments, contingent liabilities or credit-like transaction to comply with the provisions of Section 49 or Section 50 rapidly, but for the period not exceeding five years from the date of this Act coming into force.

Any financial institution granted a relaxation to hold immovable properties prior to the date of this Act coming into force shall be entitled to hold such immovable properties in accordance with the same rule of the relaxation granted.

Section 160 Any finance company granted a license prior to the date of this Act coming into force shall be entitled to undertake the business as granted.

Section 161 Any company which does not undertake financial business but has been granted the permission prior to the date of this Act coming into force, to hold shares of any financial institution in excess of the ratio prescribed under Section 18 shall be entitled to continue to hold shares of such financial institution and may acquire new shares issued in capital increase in order to maintain the shareholding ratio held prior to the date of this Act coming into force. However, in the case of disposing of such shares, such company shall be entitled to hold shares in excess of the ratio provided in the law not exceeding the amount of the remaining shares.

When the relaxation period under the first paragraph has expired, the company under the first paragraph is prohibited from acquiring additional shares of such financial institution.

Section 162 Whoever holding or possessing shares of any financial institution in excess of the ratio prescribed under Section 18 due to the inclusion of shares held or possessed by its related person prior to the date of this Act coming into force whereby such holding or acquiring does not violate the laws enforced during such period shall be entitled to continue to hold or possess such shares. However, upon the disposition of any share, such person shall be entitled to hold or possess shares in excess of the ratio prescribed not exceeding the amount of the remaining shares. Such person shall take any action regarding shares held or possessed to comply with the provision of Section 18 rapidly but not exceeding five years from the date of this Act coming into force.

Section 163 For the period that the Deposit Protection Agency has not been established, if the missions and powers and duties under any provisions of this Act are prescribed to be in charge of the Deposit Protection Agency, such missions and powers and duties shall be in charge of the Ministry of Finance until the Deposit Protection Agency is established.

Countersigned by
General Surayud Chulanont
Prime Minister

Remark: The rationale for enactment of this Act is that, at present, the supervision and regulation of commercial banking business, finance business and credit foncier business is under the law on commercial banking business and the law on finance business, securities business and credit foncier business, as the case may be, therefore, the supervision and regulation of each type of financial institution are different. However, the form of financial institutions operations should be under the same standard. Furthermore, in the earlier period Thailand was facing severe economic crisis which directly impacted financial institutions and affected the confidence of the public and depositors on the overall financial institution system. Hence, it is deemed appropriate to improve the standard of supervision of financial institution to become more effective as well as to improve the law on commercial banking and the law on finance business, securities business and credit fancier business and to consolidate them into one such that the supervision and monitoring will be of the same standard. The penalty clauses have also been amended to be more suitable to corresponding.

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