Popular Post webfact Posted May 11 Popular Post Share Posted May 11 File photo credit: Wikipedia Thailand is set to implement stringent new compliance regulations for customers opening bank accounts, in response to a sharp rise in the misuse of these accounts for illicit or fraudulent activities. From November last year through the present, Thai authorities have closed over 300,000 "mule" accounts. These regulations, as promulgated by the Bank of Thailand, the Anti-Money Laundering Office (AMLO), the Securities and Exchange Commission, and the anti-online scam centre AOC 1441, are poised to take effect by June 1st, as confirmed by Prasert Jantararuangtong, Minister of Digital Economy and Society. All banks will now be required to strictly adhere to a Customer Due Diligence (CDD) approach. Local experts from the Thai authorities estimate that accounts exploited for offences could tally up to one million. Growing compliance in the digital banking sector has been encouraged due to the sustained efforts of financial institutions and related government initiatives. The digital banking market in Thailand is projected to grow by 8.69% between 2024 and 2028, as per Statista research. This growth trajectory is likely to be aligned with a surge in compliance-related efforts, aimed at meeting regulatory mandates and safeguarding against financial crimes. The Thai banking sector, a historical pillar of the nation’s economy, has been undergoing a significant transformation. McKinsey’s findings suggest a potential regain of regional clout, with a shift towards digital banking that necessitates a robust compliance framework to ensure transactional integrity. In closing, Thailand's digital banking sector's compliance industry is witnessing dynamic changes driven by regulatory strides, technology, and a commitment to enhancing the digital banking experience. As the sector evolves, compliance will form a foundational anchor, ensuring a secure, sustainable digital banking revolution, tuned with international best practices. These changes offer both opportunities and challenges to compliance professionals, who shall remain at the forefront of shielding the financial ecosystem from emerging risks. -- 2024-05-11 Get our Daily Newsletter - Click HERE to subscribe 4 4 1 1 5 Link to comment Share on other sites More sharing options...
Popular Post In Full Agreement Posted May 11 Popular Post Share Posted May 11 Wasn't it already difficult enough for some foreigners to open a Thai bank account? 9 3 1 2 1 37 Link to comment Share on other sites More sharing options...
Popular Post Tropicalevo Posted May 11 Popular Post Share Posted May 11 2 minutes ago, In Full Agreement said: Wasn't it already difficult enough for some foreigners to open a Thai bank account? Most 'mule' accounts are opened by Thais 10 5 1 3 25 Link to comment Share on other sites More sharing options...
Popular Post brianthainess Posted May 11 Popular Post Share Posted May 11 6 minutes ago, In Full Agreement said: Wasn't it already difficult enough for some foreigners to open a Thai bank account? Yes the Catch 22 situation, Immigration want an account in your name, most banks say No you can't you need a 1 year Visa/extension....... 2 1 6 Link to comment Share on other sites More sharing options...
Popular Post NanLaew Posted May 11 Popular Post Share Posted May 11 13 minutes ago, In Full Agreement said: Wasn't it already difficult enough for some foreigners to open a Thai bank account? Obviously not for dodgy Slavic and eastern Mediterranean types with bulging wallets who are dodging the conflict zones and laundering their 'investments'. 7 2 1 1 13 Link to comment Share on other sites More sharing options...
NanLaew Posted May 11 Share Posted May 11 12 minutes ago, Tropicalevo said: Most 'mule' accounts are opened by Thais And most of them are probably proxy accounts for those who can't. Link to comment Share on other sites More sharing options...
Popular Post NanLaew Posted May 11 Popular Post Share Posted May 11 7 minutes ago, brianthainess said: Yes the Catch 22 situation, Immigration want an account in your name, most banks say No you can't you need a 1 year Visa/extension....... Many British and American citizens are denied opening or even maintaining a bank in their homelands because of their chosen 'immigration status'. 5 5 3 2 1 8 Link to comment Share on other sites More sharing options...
Popular Post JackGats Posted May 11 Popular Post Share Posted May 11 There would be freedom of movement of individuals they said. Then came the compliance/money laundering charade, and individuals got denied bank accounts except in their homeland, and then only provided they stayed to reside there. Soon we will have as much liberty of movement as the people in the UDSSR during the cold war. This will be achieved through the denial of banking services. 3 3 1 1 7 Link to comment Share on other sites More sharing options...
Popular Post herfiehandbag Posted May 11 Popular Post Share Posted May 11 55 minutes ago, webfact said: File photo credit: Wikipedia Thailand is set to implement stringent new compliance regulations for customers opening bank accounts, in response to a sharp rise in the misuse of these accounts for illicit or fraudulent activities. From November last year through the present, Thai authorities have closed over 300,000 "mule" accounts. These regulations, as promulgated by the Bank of Thailand, the Anti-Money Laundering Office (AMLO), the Securities and Exchange Commission, and the anti-online scam centre AOC 1441, are poised to take effect by June 1st, as confirmed by Prasert Jantararuangtong, Minister of Digital Economy and Society. All banks will now be required to strictly adhere to a Customer Due Diligence (CDD) approach. Local experts from the Thai authorities estimate that accounts exploited for offences could tally up to one million. Growing compliance in the digital banking sector has been encouraged due to the sustained efforts of financial institutions and related government initiatives. The digital banking market in Thailand is projected to grow by 8.69% between 2024 and 2028, as per Statista research. This growth trajectory is likely to be aligned with a surge in compliance-related efforts, aimed at meeting regulatory mandates and safeguarding against financial crimes. The Thai banking sector, a historical pillar of the nation’s economy, has been undergoing a significant transformation. McKinsey’s findings suggest a potential regain of regional clout, with a shift towards digital banking that necessitates a robust compliance framework to ensure transactional integrity. In closing, Thailand's digital banking sector's compliance industry is witnessing dynamic changes driven by regulatory strides, technology, and a commitment to enhancing the digital banking experience. As the sector evolves, compliance will form a foundational anchor, ensuring a secure, sustainable digital banking revolution, tuned with international best practices. These changes offer both opportunities and challenges to compliance professionals, who shall remain at the forefront of shielding the financial ecosystem from emerging risks. -- 2024-05-11 Get our Daily Newsletter - Click HERE to subscribe Can anyone define a mute account? I have accounts with three Thai banks. One I use all the time, one occasionally and one as a spare - in which I keep a thousand Baht. 2 1 2 3 Link to comment Share on other sites More sharing options...
Popular Post NanLaew Posted May 11 Popular Post Share Posted May 11 39 minutes ago, JackGats said: There would be freedom of movement of individuals they said. Then came the compliance/money laundering charade, and individuals got denied bank accounts except in their homeland, and then only provided they stayed to reside there. Soon we will have as much liberty of movement as the people in the UDSSR during the cold war. This will be achieved through the denial of banking services. The relentless march towards the cashless society got a big boost during Covid. There's no turning that back now. Go crypto. 1 7 1 9 3 Link to comment Share on other sites More sharing options...
Popular Post NanLaew Posted May 11 Popular Post Share Posted May 11 17 minutes ago, herfiehandbag said: Can anyone define a mute account? I have accounts with three Thai banks. One I use all the time, one occasionally and one as a spare - in which I keep a thousand Baht. It's "mule" account. "A money mule is someone who lets someone else use their bank account to transfer money, often keeping a little bit for themselves. If you get caught, you could get a criminal record. " https://www.nationalcrimeagency.gov.uk/moneymuling 2 2 5 2 Link to comment Share on other sites More sharing options...
herfiehandbag Posted May 11 Share Posted May 11 Ah, my misreading. Thank you. 1 Link to comment Share on other sites More sharing options...
Popular Post JAS21 Posted May 11 Popular Post Share Posted May 11 (edited) My experience is that it is now much harder for someone like myself…retired… to open a bank account. I have been with CIMB Thai for many years yet they won’t let me open another account. I actually have accounts with three different banks, I don’t really need them all but dare not close as in the future I may need and maybe cannot open again. If you have a work permit then usually no problem Edited May 11 by JAS21 2 1 1 4 Link to comment Share on other sites More sharing options...
Popular Post sstuff3 Posted May 11 Popular Post Share Posted May 11 Long article informing that banks will have new compliance laws in June, but not one mention of what the new compliance measures are...... 8 3 2 26 Link to comment Share on other sites More sharing options...
Popular Post newbee2022 Posted May 11 Popular Post Share Posted May 11 3 hours ago, In Full Agreement said: Wasn't it already difficult enough for some foreigners to open a Thai bank account? Should be only possible for one year extension visas and regular residence. And a minimum deposit of 10.000 Baht.🙏 7 3 3 Link to comment Share on other sites More sharing options...
Popular Post khunpin Posted May 11 Popular Post Share Posted May 11 2 hours ago, NanLaew said: Go crypto. Only criminals and wannabe HiSos want to use crypto. Hide something or show-off. Nobody NEEDS crypto ! 5 1 6 4 2 2 10 Link to comment Share on other sites More sharing options...
Popular Post Bravoxray Posted May 11 Popular Post Share Posted May 11 Looks like another step to implementing a Central Bank Digital Currency that will be used for enslavement. 2 4 1 3 9 Link to comment Share on other sites More sharing options...
Popular Post BritScot Posted May 11 Popular Post Share Posted May 11 2 hours ago, NanLaew said: The relentless march towards the cashless society got a big boost during Covid. There's no turning that back now. Go crypto. Sorry to disappoint but in the UK digital is stuttering as people have started to revert back to cash. 2 1 2 2 1 2 7 Link to comment Share on other sites More sharing options...
Popular Post IamNoone88 Posted May 11 Popular Post Share Posted May 11 Nothing here for law abiding expats to be concerned about. This is to shut down scam centres and illegal gambling accounts. Its a good thing, especially if you have been a victim. 2 1 6 Link to comment Share on other sites More sharing options...
Popular Post natway09 Posted May 11 Popular Post Share Posted May 11 No where in the article did it mention foreigner. Considering it is mule accounts they are trying to diminish the finger will be pointing at Thais 1 4 Link to comment Share on other sites More sharing options...
Popular Post topt Posted May 11 Popular Post Share Posted May 11 8 minutes ago, newbee2022 said: Should be only possible for one year extension visas and regular residence. Why? What about younger people still working and travelling in and out or older doing same......but still spending a fair amount of their time here. Why should they be penalised? 4 2 Link to comment Share on other sites More sharing options...
Popular Post StayinThailand2much Posted May 11 Popular Post Share Posted May 11 3 hours ago, In Full Agreement said: Wasn't it already difficult enough for some foreigners to open a Thai bank account? Guess, they will particularly target foreigners again. It might be easier to swim in clean water at Pattaya Beach in the future than opening a bank account... 2 1 1 1 2 Link to comment Share on other sites More sharing options...
Popular Post Liverpool Lou Posted May 11 Popular Post Share Posted May 11 3 hours ago, In Full Agreement said: Wasn't it already difficult enough for some foreigners to open a Thai bank account? There was no suggestion that the regulations are to make it more difficult for foreigners to open bank account, or that they will. 1 1 5 Link to comment Share on other sites More sharing options...
Popular Post StayinThailand2much Posted May 11 Popular Post Share Posted May 11 (edited) 5 minutes ago, IamNoone88 said: Nothing here for law abiding expats to be concerned about. This is to shut down scam centres and illegal gambling accounts. Its a good thing, especially if you have been a victim. You don't know that. Some banks may actually go beyond that by refusing to open bank accounts for foreigners in the future, just in case... Edited May 11 by StayinThailand2much 2 1 1 1 Link to comment Share on other sites More sharing options...
herfiehandbag Posted May 11 Share Posted May 11 (edited) 17 minutes ago, newbee2022 said: Should be only possible for one year extension visas and regular residence. And a minimum deposit of 10.000 Baht.🙏 Blimey, it's Harry Enfield: " Oiy am considerably richer than you"! Edited May 11 by herfiehandbag 1 Link to comment Share on other sites More sharing options...
Popular Post Presnock Posted May 11 Popular Post Share Posted May 11 3 hours ago, NanLaew said: Many British and American citizens are denied opening or even maintaining a bank in their homelands because of their chosen 'immigration status'. The State Department Credit Federal Credit (sdfcu.org) will open accounts for Americans living overseas (do not have to be a US govt nor StateDept employee), full account, credit cards, etc. I have been a member for over 4 years when my BOA account (50 years in use) was closed since I had no US address or phone numer. My pension check goes to them and then I transfer how much I want whenever. No problems. I also have seen on this forum other banks too incuding I think EUR citizens are able to open accounts. Ask that question and folks will probably answer you,. Good luck 2 2 3 Link to comment Share on other sites More sharing options...
Liverpool Lou Posted May 11 Share Posted May 11 (edited) 2 hours ago, herfiehandbag said: Can anyone define a mute account? I have accounts with three Thai banks. One I use all the time, one occasionally and one as a spare - in which I keep a thousand Baht. "Mule" accounts, not "mute" accounts. A mule account is an account opened by an individual who is paid to do so, the passbook and card for which is then passed on to a third party for, usually, nefarious use. Your accounts are neither "mute" nor "mule". Edited May 11 by Liverpool Lou 1 1 Link to comment Share on other sites More sharing options...
Popular Post Liverpool Lou Posted May 11 Popular Post Share Posted May 11 21 minutes ago, Bravoxray said: Looks like another step to implementing a Central Bank Digital Currency that will be used for enslavement. Gawd... Such b0llocks. 3 2 1 1 1 Link to comment Share on other sites More sharing options...
AAArdvark Posted May 11 Share Posted May 11 Details please 1 1 Link to comment Share on other sites More sharing options...
Popular Post new2here Posted May 11 Popular Post Share Posted May 11 (edited) 3 hours ago, brianthainess said: Yes the Catch 22 situation, Immigration want an account in your name, most banks say No you can't you need a 1 year Visa/extension....... to me there’s a somewhat easy fix . Mandate that any account that is used for purely immigration purposes (ie holding X baht for visa issuance/renewal basis) be done so at Krungthai Bank … and concurrent with that, mandate that any Krungthai bank will open accounts for any foreigner IF said account will be used for his/her immigration purposes. Id choose Krungthai as they are the defacto state bank for retail and institutional affairs (but also true they are also partially publicly held and whose shares trade on the domestic equity exchange) and the one most integrated into the governments business. for consumer protection you could add restrictive language like these accounts must earn a minimum of the BoTs BIBOR (or some other consumer based rate) and that it is liquid to the extent required by Immigration. That way there is little financial downside to holding your funds at Krungthai, you’re assured that you be an actually get an account and that they account type meets the immigration rules. Two upsides.. As Krungthai is largely a SOE you’re essentially providing capital to a SOE.. and #2, you’d essentially kill off that catch-22 of needing an account to get your long term visa/renewal, but can’t get an account until you have that long term visa/renewal. Edited May 11 by new2here 2 2 1 Link to comment Share on other sites More sharing options...
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