Thai banks to consult AMLO about postponing requirement for IDs for CDM deposits

[snoop1130]

 

The Thai Bankers Association (TBA) is set to hold talks with the Anti-Money Laundering Office (AMLO), seeking the postponement of the enforcement of a new rule, which will require everyone depositing cash via cash deposit machines (CDMs) to identify themselves, by using a credit or debit card plus their PIN number.

 

The rule is due to come into force on November 15th.

 

An informed banking source said that several banks have received complaints from customers against the new requirement which, they claim, will cause unnecessary inconvenience for those who do not have a credit or debit card.

 

Full Story: https://www.thaipbsworld.com/thai-banks-to-consult-amlo-about-postponing-requirement-for-ids-for-cdm-deposits/

 

-- © Copyright Thai PBS 2022-10-27

 

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[Nicholas Paul KNIGHT]

I have seen it, used it and can find no problem with it. Only people complaining are those with something to hide !!!!!!!!!!!!!!!

Edited October 27, 2022 by Nicholas Paul KNIGHT

[ikke1959]

what is the matter deposit money but no debit or credit card... what bank are they using, how do they withdraw money??

[RichardColeman]

Banks moaning as maybe they fear lack of 'illegal' deposits ?

[redwood1]

31 minutes ago, Nicholas Paul KNIGHT said:

I have seen it, used it and can find no problem with it. Only people complaining are those with something to hide !!!!!!!!!!!!!!!

If you got nothing to hide bla bla bla......Freedom haters love this phrase...

[nigelforbes]

I would have thought the same rules as the UK and US would work on this, more than xx in cash, individually or cumulatively, within a certain period, gets reported to AMLO.

 

As for freedom haters....what exactly do you think your home government does!!!

[userabcd]

1 hour ago, Nicholas Paul KNIGHT said:

I have seen it, used it and can find no problem with it. Only people complaining are those with something to hide !!!!!!!!!!!!!!!

Most people are not trying to hide anything, mostly it is just because they do not want to change.

 

For the banks that already do not have this in place it is going to cost them time and money to upgrade all their systems to implement this change, there is probably some push back because of this.

 

Anyway, the money is deposited into an account which banks already have an identity behind it (passport/ID card addresses) That person should be 100% responsible for what is going into or out of the account and should explain and have the backup evidence.

 

The government should also start targeting and clamp down on banks opening accounts for foreigners on holiday visas who are only visiting for short periods.

 

Govt should also clamp down on long stay non immigrant foreigners on long stay extensions, they should be limited to one bank account only to do all their banking and dealing with immigration requirements in Thailand (can also control the taxation of interest etc...)

Edited October 28, 2022 by userabcd

[nigelforbes]

25 minutes ago, userabcd said:

Most people are not trying to hide anything, mostly it is just because they do not want to change.

 

Anyway, the money is deposited into an account which banks already have an identity behind it (passport/ID card addresses) That person should be 100% responsible for what is going into or out of the account and should explain and have the backup evidence.

 

The government should also start targeting and clamp down opening bank accounts for foreigners on temporary visas or who are only visiting.

 

Govt should also clamp down on long stay non immigrant foreigners on long stay extensions, they should be limited to one bank account only to do all their banking and dealing with immigration requirements in Thailand.

Your first para and last para are completely opposite! Do you think foreigners have multiple bank accounts in their home country? They only reason they do so here is different banks offer different products from time to time, eg fixed deposit rates and it's nice to be able to take advantage of them. At one point I held six different bank accounts, just for this very purpose, I never had to do that in the UK or the US.

[userabcd]

9 minutes ago, nigelforbes said:

Your first para and last para are completely opposite! Do you think foreigners have multiple bank accounts in their home country? They only reason they do so here is different banks offer different products from time to time, eg fixed deposit rates and it's nice to be able to take advantage of them. At one point I held six different bank accounts, just for this very purpose, I never had to do that in the UK or the US.

Non-permanent residents and non-citizens and non-work permit holders with some kind of residence card should not have a free access to a range of banking products in Thailand, it is just open to abuse.

Edited October 28, 2022 by userabcd

[PremiumLane]

40 minutes ago, userabcd said:

Govt should also clamp down on long stay non immigrant foreigners on long stay extensions, they should be limited to one bank account only to do all their banking and dealing with immigration requirements in Thailand (can also control the taxation of interest etc...)

Yeah, cos you must be up to no good if you have more than one bank account.... 

[nigelforbes]

10 minutes ago, userabcd said:

Non-permanent residents and non-citizens and non-work permit holders with some kind of residence card should not have a free access to a range of banking products in Thailand, it is just open to abuse.

It is virtually impossible for foreigners' to become permanent residents of Thailand, the allocation is something like less than 100 per year are allowed but in practice the number is far lower. I've been here for over 20 years, on a retirement visa, does that make me a permanent resident? Not in the yes of the law it doesn't. As for getting a pink residents card, my Amphur wont even give me a yellow tabien bahn, they just don't like to give them out, even though they are required by law to do so.

Edited October 28, 2022 by nigelforbes

[phetphet]

1 hour ago, ikke1959 said:

what is the matter deposit money but no debit or credit card... what bank are they using, how do they withdraw money??

I presume they just pay in using their passbook.

Once the regulation  is implemented, those without a card, who have to pay in via a Teller, will be charged a fee for doing so.

For many Thais, that could be almost half a days pay if the banks charge  a similar fee to some card withdrawals.

 

I don't know about withdrawals. Perhaps they can use Passbook and Thai ID card.

Edited October 28, 2022 by phetphet

[LukKrueng]

51 minutes ago, nigelforbes said:

the allocation is something like less than 100 per year are allowed but in practice the number is far lower

The quota is 100 per nationality, not in total

[ikke1959]

I was in Europe a month a go and there the people almost don't use cash anymore. Everything is paid by the bankcard debit or creditcard or by phone.

Here in thailand I don't understand why there is no more promotion of doing so. It is very easy as everyone has a phone nowadays.When I am at the Makro sometimes people pay cash with only 20 and 50 THB bills which takes a long time before they have paid the bill. If the banks are promoting electronic payments more white wash money will get less chance.. I am happy that I can use promptpay to pay everywhere. 

[kingstonkid]

I thought that everyone that opened an account had to get a bank card. to me it is just part of doing business.  

 

I do not think it is the need for a card that upset people but if I am right there was also going to be a fee for doing so.  That is the part that aI AM SURE PEOPLE ARE AGAINST.

[khunjeff]

2 hours ago, ikke1959 said:

what is the matter deposit money but no debit or credit card... what bank are they using, how do they withdraw money??

You can withdraw money from a teller using your bank book and ID card, or from an ATM using the cardless withdrawal function in the bank's app. That does limit you to using your own bank's facilities, but it's very simple. 

[khunjeff]

1 minute ago, kingstonkid said:

I thought that everyone that opened an account had to get a bank card.

There is no requirement to get a debit card - it's completely optional. 

[kingstonkid]

3 minutes ago, khunjeff said:

There is no requirement to get a debit card - it's completely optional. 

Okay that explains part of it.  Also wondered why the option to deposit without a bank card was on the machine.

 

Again thanks 

[userabcd]

18 minutes ago, ikke1959 said:

I was in Europe a month a go and there the people almost don't use cash anymore. Everything is paid by the bankcard debit or creditcard or by phone.

Here in thailand I don't understand why there is no more promotion of doing so. It is very easy as everyone has a phone nowadays.When I am at the Makro sometimes people pay cash with only 20 and 50 THB bills which takes a long time before they have paid the bill. If the banks are promoting electronic payments more white wash money will get less chance.. I am happy that I can use promptpay to pay everywhere. 

Not often I have been held up by people paying cash, but definitely have been held up many times with people paying with their phones, sometimes the only 3 tellers available are trying to figure out something on someone's phone to pay and they are blocking everyone.

 

Imagine the bank statement, if one has to print it out with hundreds of small purchases listed

[hotchilli]

3 hours ago, redwood1 said:

If you got nothing to hide bla bla bla......Freedom haters love this phrase...

Nothing to do with freedom haters... just people trying to identify whos doing what.

[digger70]

9 hours ago, userabcd said:

Non-permanent residents and non-citizens and non-work permit holders with some kind of residence card should not have a free access to a range of banking products in Thailand, it is just open to abuse.

What abuse that's absurd, different accounts offer different possibilities like savings accounts ,Term deposit accounts , check accounts.

[The Old Bull]

Don't you need an ATM card to deposit cash in one of those machines?

[metisdead]

*Update*

 

Thailand to postpone new cash deposit machine rule after backlash

 

 

The implementation of Thailand’s new cash deposit machine (CDM) rule will be postponed after customers complained it would cause unnecessary inconvenience and extra fees for people who do not use credit/debit cards.

 

The new rule will require anyone depositing money into their bank account using a CDM in Thailand to verify their identity with their debit/credit card and PIN.

 

The Anti-Money Laundering Office (AMLO) said the new measure would prevent money laundering earned from drug trafficking, gambling, and other criminal activity. 

 

Read more here:  https://thethaiger.com/news/national/thailand-to-postpone-new-cash-deposit-machine-rule-after-backlash