Bank of Thailand Launches Debt Relief and Anti-Fraud Initiative in Phuket

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Pictures courtesy of The Phuket News

 

To support struggling debtors and fight financial fraud, the Bank of Thailand's Southern Office announced a new initiative, the "You Fight, We Help" programme, in Phuket on April 3. This effort aims at providing essential aid to citizens and small businesses facing financial difficulties and simultaneously addressing the surge in financial crime.

 

Senior Director Thatlap Paoleuangthong revealed the programme, which is a collaboration between the Bank of Thailand, the Ministry of Finance, and other partners. It features three major debt relief measures:

 

1. Pay Directly, Retain Assets: This offers mortgage, car loan, and small business debtors a chance to reduce instalments with a three-year interest payment suspension. Provided conditions are met, payments contribute directly to reducing the principal, and interest will be waived.
2. Pay, Close, Finish: Targeted at non-performing loan holders with debts under 5,000 baht, this allows them to make partial payments to clear outstanding balances.
3. Reduce Instalments, Reduce Interest: For vehicle registration loans and personal finance agreements, debtors can enjoy a three-year reduction in both repayment amounts and interest rates, paying only 70% of the original instalments with a 10% interest rate reduction.

 

Interested parties can find more details and register via the Bank of Thailand’s website or their call centre at 1213.

 

 

 

Alongside debt relief, combating financial fraud is a key component of the initiative. The focus is on mule accounts, often used by criminals to launder money. The Bank of Thailand is tightening regulations for opening new accounts to prevent fraudulent activities. Accounts linked to high risks are subject to extended suspensions, while financial institutions must now alert individuals before they transfer funds to suspect mule accounts.

 

Furthermore, authorities are enhancing monitoring of legal entities used to sidestep personal account restrictions. By bolstering registration checks and surveillance of suspicious corporate activities, the programme aims to halt fraud effectively.

 

The initiative not only seeks to alleviate the financial strain on individuals and businesses but also aims to create a safer financial environment in Thailand, reported The Thaiger.

 

-- 2025-04-04