Siam Commercial Bank Denies UN Allegation for Inaccuracy and Misinformation

Siam Commercial Bank Public Company Limited (SET: SCB) has disclosed a statement via its website to address the claim from U.N. special rapporteur saying that Thai banks are the main supplier to provide financial services to Myanmar’s government, especially arms that will be used on pro-democratic fighters.

The report mentioned SCB’s name as an example, pointing out that transaction valuation via the bank increased more than double.


Siam Commercial Bank (SCB) wrote in the statement that it 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 laws.

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 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.