From November 15th, people who want to deposit cash via cash deposit machines (CDMs) in Thailand will be required to identify themselves by inserting their credit or debit cards and entering their Personal Identification Number (PIN) or password.

 

The new measure has been introduced by the Anti-Money Laundering Office and will be applied to all commercial banks, to prevent the laundering of money earned from drug trafficking, illegal gambling or other criminal activity.

 

According to AMLO, the alternative for those who do not have a credit or debit card PIN or password for their bank accounts is to deposit their money and show their ID cards tobank tellers in the branch, which will incur service charges.

 

Full story: https://www.thaipbsworld.com/new-rule-for-cash-deposit-machines-from-november-15th/

 

-- © Copyright Thai PBS 2022-10-18

 

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So now the banks will charge you to give them money? Amazing!

 

WHAT???

So up until now, you were able to deposit large sums of cash into an account without having to identify yourself.

If this was the case, it is no wonder that corruption is rife here, only half a paper trail.

 

Please, someone tell me that I am reading this wrong and explain what safety procedures were actually in place to prevent accounts from being used for criminal purposes.

 

21 minutes ago, Bert got kinky said:

 

WHAT???

So up until now, you were able to deposit large sums of cash into an account without having to identify yourself.

If this was the case, it is no wonder that corruption is rife here, only half a paper trail.

 

Please, someone tell me that I am reading this wrong and explain what safety procedures were actually in place to prevent accounts from being used for criminal purposes.

 

It does seem lax.

But there is a limit on how many notes one can deposit at any one time, and the process is very slow. Unless there were many people all paying into the same account at different ATM's, many times a day, I don't see how they could launder large amounts. But launder they could I suppose.

 

But if one doesn't need a card to deposit. How does the bank know which account to put the money in?

 

 

Cost me 50 baht last time I used one of these machines

 

I don't think it'll happen (yet), it's just a way for banks sell more debit cards

15 minutes ago, phetphet said:

It does seem lax.

But there is a limit on how many notes one can deposit at any one time, and the process is very slow. Unless there were many people all paying into the same account at different ATM's, many times a day, I don't see how they could launder large amounts. But launder they could I suppose.

 

But if one doesn't need a card to deposit. How does the bank know which account to put the money in?

 

 

You can key in the deposit account and the ATM will display you the account holder name for confirmation.

1 hour ago, phetphet said:

So now the banks will charge you to give them money? Amazing!

Don't they charge you for taking it out if you're outside the banks' area? My Bangkok Bank's account is based in Pattaya & I am sure I got dinged for a withdrawal in Bangkok.

3 minutes ago, mikebell said:

Don't they charge you for taking it out if you're outside the banks' area? My Bangkok Bank's account is based in Pattaya & I am sure I got dinged for a withdrawal in Bangkok.

Yes.

1 hour ago, phetphet said:

So now the banks will charge you to give them money? Amazing!

 

You are not 'giving them money'.

 

You are asking them to provide the service of putting money into an account, That costs money from the use of either labour and/or equipment.

1 hour ago, Bert got kinky said:

 

WHAT???

So up until now, you were able to deposit large sums of cash into an account without having to identify yourself.

If this was the case, it is no wonder that corruption is rife here, only half a paper trail.

 

Please, someone tell me that I am reading this wrong and explain what safety procedures were actually in place to prevent accounts from being used for criminal purposes.

 

 

 

None - but I am pretty sure that you knew that already.

 

 

Whenever I have paid in cash over the counter at Kasikorn they have asked for ID  -  obviously this refers to depositing via the cash machine.

Edited October 18, 20223 yr by hotandsticky

Nothing new/change for me. Always used banks debit card to deposit money. No fee of course.

Didn't even know that it can be done anonymously.

 

Much ado about nothing.

Edited October 18, 20223 yr by KhunBENQ

9 minutes ago, mikebell said:

Don't they charge you for taking it out if you're outside the banks' area? My Bangkok Bank's account is based in Pattaya & I am sure I got dinged for a withdrawal in Bangkok.

Yes some banks still do.

I get around with cardless withdrawal. Requires Internet banking on smartphone.

No fee nationwide.

Edited October 18, 20223 yr by KhunBENQ

1 minute ago, KhunBENQ said:

Nothing new/change for me. Always use banks debit card to deposit money.

Didn't even know that it can be done anonymously.

 

Much ado about nothing.

Yes me too, did not realize one could deposit without putting the ATM card in first....never deposit cash at the bank/machines nowadays, all one way traffic. 

The banks in Thailand are the biggest rip off's in the world.  

6 minutes ago, hotandsticky said:

 

You are not 'giving them money'.

 

You are asking them to provide the service of putting money into an account, That costs money from the use of either labour and/or equipment.

Noone is asking the bank to use their services.

 

The govt is forcing everyone with any money to deposit it in a financial institution controlled by govt after which the depositor's money in the bank is supposed to be a loan to be used by the bank after which the bank controls that money, and then the bank start their charges on everyone's hard earned money.

Just now, userabcd said:

Noone is asking the bank to use their services.

 

The govt is forcing everyone with any money to deposit it in a financial institution controlled by govt after which the depositor's money in the bank is supposed to be a loan to be used by the bank after which the bank controls that money, and then the bank start their charges on everyone's hard earned money.

 

Absolute garbage.

17 minutes ago, hotandsticky said:

Yes.

IT is why with K-bank, when I withdraw from the machine I use the withdrawal portion of the K-Bank phone App on scan the QR code on the machine after I have indicated on the app how much money I want, and no charge like if using the ATM card.

1 hour ago, Bert got kinky said:

 

WHAT???

So up until now, you were able to deposit large sums of cash into an account without having to identify yourself.

If this was the case, it is no wonder that corruption is rife here, only half a paper trail.

 

Please, someone tell me that I am reading this wrong and explain what safety procedures were actually in place to prevent accounts from being used for criminal purposes.

 

It would seem there a very few. Just look at how easy it is for any tourist to come to Thailand and open a bank account by shopping around who can then make deposits and withdrawals with ease.

 

The way they could catch most of the money in bank accounts is to do it through the tax office ie to legislate that anyone earning interest or dividends is required to file a tax return. The tax office could evaluate those tax returns and then do lifestyle audits to determine the legitimacy of those funds.

Another task for the mia noi...laundry.

23 minutes ago, Gknrd said:

The banks in Thailand are the biggest rip off's in the world.  

And you come from Dreamland. 

What a baseless babble.

35 minutes ago, hotandsticky said:

 

 

None - but I am pretty sure that you knew that already.

 

 

Whenever I have paid in cash over the counter at Kasikorn they have asked for ID  -  obviously this refers to depositing via the cash machine.

None - but I am pretty sure that you knew that already.

Genuinely, honestly, I didn't, I have never used an ADM, that's why I was asking.

 

 

1 minute ago, KhunBENQ said:

And you come from Dreamland. 

What a baseless babble.

Ok, I will say it again, banks in Thailand are the biggest rip offs in the modern world. All baseless babble aside.  

31 minutes ago, hotandsticky said:

 

Absolute garbage.

How Bank Deposits Work

The deposit itself is a liability owed by the bank to the depositor. Bank deposits refer to this liability rather than to the actual funds that have been deposited. When someone opens a bank account and makes a cash deposit, he surrenders the legal title to the cash, and it becomes an asset of the bank. In turn, the account is a liability to the bank.

 

Wonder what this annual ongoing fee is for a bank card when a fee was paid to issue the card.

Edited October 18, 20223 yr by userabcd

1 hour ago, phetphet said:

.....

 

But if one doesn't need a card to deposit. How does the bank know which account to put the money in?

 

Until now, it was possible to type in the number of the destination account. The ADM would show the name of the recipient, and you had to confirm.

16 minutes ago, userabcd said:

It would seem there a very few. Just look at how easy it is for any tourist to come to Thailand and open a bank account by shopping around who can then make deposits and withdrawals with ease.

 

The way they could catch most of the money in bank accounts is to do it through the tax office ie to legislate that anyone earning interest or dividends is required to file a tax return. The tax office could evaluate those tax returns and then do lifestyle audits to determine the legitimacy of those funds.

Why would those earning a pittance on interest file a Tax Return if there is no actual earned income.  There is a statutory minimum needed before filing taxes in the rest of the world.

6 minutes ago, userabcd said:

How Bank Deposits Work

The deposit itself is a liability owed by the bank to the depositor. Bank deposits refer to this liability rather than to the actual funds that have been deposited. When someone opens a bank account and makes a cash deposit, he surrenders the legal title to the cash, and it becomes an asset of the bank. In turn, the account is a liability to the bank.

So your saying that once you deposit the money into your account, the money ceases to be yours anymore and is a liability.  I think you are quite confused with this. True the bank can use the asset as they see fit, but the money is still yours, you never relinquish the legal title to the cash, and when a run on a bank happens the banks can not pay out everything they owe to the depositors, that is the liability of the banks using your money to make money, which is waht a bank is supposed to do.

2 minutes ago, ThailandRyan said:

Why would those earning a pittance on interest file a Tax Return if there is no actual earned income.  There is a statutory minimum needed before filing taxes in the rest of the world.

 

3 minutes ago, ThailandRyan said:

Why would those earning a pittance on interest file a Tax Return if there is no actual earned income.  There is a statutory minimum needed before filing taxes in the rest of the world.

Not everywhere, I think some countries require a tax return be filed for any passive income earned.

11 minutes ago, userabcd said:

 

Not everywhere, I think some countries require a tax return be filed for any passive income earned.

Up to a certain amount, no taxes filed, above a certain amount, yes.

14 minutes ago, ThailandRyan said:

So your saying that once you deposit the money into your account, the money ceases to be yours anymore and is a liability.  I think you are quite confused with this. True the bank can use the asset as they see fit, but the money is still yours, you never relinquish the legal title to the cash, and when a run on a bank happens the banks can not pay out everything they owe to the depositors, that is the liability of the banks using your money to make money, which is waht a bank is supposed to do.

If a bank becomes insolvent, a depositor will rank merely as an unsecured creditor 

 

Yes one has made a loan to the bank and that debt is owed back to a depositor on demand. But for example, if a bank goes out of business, this means that at the end of the day, technically speaking, the customer (depositor) may or may not get their money back once the bank goes through liquidation.

19 minutes ago, userabcd said:

If a bank becomes insolvent, a depositor will rank merely as an unsecured creditor 

 

Yes one has made a loan to the bank and that debt is owed back to a depositor on demand. But for example, if a bank goes out of business, this means that at the end of the day, technically speaking, the customer (depositor) may or may not get their money back once the bank goes through liquidation.

That's why banks have insurance, up to a certain amount, which guarantees the funds up to an amount will be returned.