News of cash deposit machines (CDMs) requiring users to verify their identities via bank cards starting on November 15 has generated much discussion. The Bank of Thailand (BOT) has clarified that the change is necessary to ensure legal compliance.
The BOT explained the development is in line with the law on suppression of money laundering and anti-terrorism financing. The law was introduced by the Anti-Money Laundering Office (AMLO). The office clarified the matter on October 17, reasoning that identification of individuals making deposits is necessary in order for improved safety in financial transactions.
The BOT said people who do not have a debit card, ATM card, or credit card will be able to deposit money via other means that do not rely on CDM machines. BOT Senior Director for Payment Systems Policy Department Budsakorn Teerapunyachai gave examples of alternative means for depositing money. These include using non-bank money top-up machines, convenience store counter services, Thailand Post service providers, and bank-supported deposit agents. Said means will require the person making the deposit to present his or her ID card.
The BOT will push for banks to implement other types of identification systems at CDM machines. This may involve the use of citizen identification cards or cardless identification and will make it more convenient for all groups of people to deposit money. (NNT)