Thailand set to enforce stricter regulations for opening new bank accounts

0
19537
Minister of Digital Economy and Society Prasert Jantararuangtong reported that these regulations, set to be implemented by June 1, require all banks to rigorously apply the “Customer Due Diligence (CDD)” approach, mandating thorough scrutiny of potential account holders and the purposes for which they intend to use their accounts.

Thailand is set to enforce stricter regulations for opening new bank accounts following the closure of over 300,000 mule accounts since November. The initiative, spearheaded by the anti-online scam center AOC 1441 in collaboration with the Bank of Thailand, the Anti-Money Laundering Office (AMLO), and the Securities and Exchange Commission, combats the misuse of banking services for fraudulent activities.



Minister of Digital Economy and Society Prasert Jantararuangtong reported that these regulations, set to be implemented by June 1, require all banks to rigorously apply the “Customer Due Diligence (CDD)” approach, mandating thorough scrutiny of potential account holders and the purposes for which they intend to use their accounts.

AMLO Deputy Secretary-General Pol Maj Gen Eakkarak Limsunggas shared insights into the scale of the problem, estimating that the total number of mule accounts could be as many as one million currently. These accounts are often linked to influential community figures who coerce or pay vulnerable individuals to use their identities to open accounts involved in scams. The police have also discovered instances where over 50 bank accounts were registered under a single individual’s name.




Microsoft’s involvement in the fight against online scams was recently confirmed at a conference in Bangkok. The company’s chairman and CEO, Satya Nadella, committed to supporting Thailand with AI technology. At the event, Microsoft also announced the establishment of its first data center in Thailand. (NNT)