Siam Commercial Bank Clarifies Financial Transactions Related to Myanmar

Siam Commercial Bank

BANGKOK — Siam Commercial Bank released a statement on Friday to clarify financial transactions related to Myanmar after Tom Andrews, the U.N. special rapporteur on the situation of human rights in Myanmar, said in a report issued Wednesday that Thai banks have become the main supplier of international financial services for Myanmar’s military government.

“Siam Commercial Bank (SCB) would like to clarify the situation regarding financial transactions between Thailand and Myanmar. SCB currently provides international transaction services with the primary objective of supporting Thai and international businesses in paying for consumer products and services to Myanmar. These services adhere to laws and prioritize compliance with anti-money laundering regulations.

In response to media reports on transactions related to Myanmar, the bank conducted an internal investigation. It was found that several transactions made by corporate customers were payments for consumer goods and energy, which are typical business activities.


These transactions are not connected to the arms trade as reported in the news, and their total value has not significantly increased compared to last year. The bank performs due diligence to verify accuracy and reports these transactions to relevant authorities before processing.


SCB reaffirms its commitment to adhering to relevant anti-money laundering and related regulations, ensuring compliance with principles of good governance and transparency, and aiming to deliver long-term value to all stakeholder groups based on sustainable practices,” said the statement.

Earlier on June 28, Nikorndej Balankura, Spokesperson of the Ministry of Foreign Affairs, clarified that Thai financial institutions operate in the same manner as other financial centers, thus requiring a process to investigate details and facts before taking any action. This issue is a policy matter that needs to be considered comprehensively, especially regarding sanctions. Thailand’s stance is to not support any actions that would widely affect people.