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BoT to Improve Account Freeze Procedures After Errors

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10 hours ago, Caldera said:

banks risk that the public loses its trust in the banking system.

Couldn't agree more.

They even risk a banking storm where people rush to empty their accounts.

I myself will stack at least 100k in the safe.

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Posted Images

On 9/14/2025 at 10:12 AM, Georgealbert said:

 

image.png

File picture for reference only.

 

The Bank of Thailand (BoT) has pledged to tighten its procedures for freezing and unfreezing suspected bank accounts after technical issues and police instructions led to several customers’ balances being displayed as negative. The central bank said the problems caused confusion and distress for affected individuals, but measures are being introduced to prevent a recurrence.

 

According to Daranee Saeju, Assistant Governor overseeing the Payment Systems Policy and Financial Consumer Protection Group, the central bank identified two separate causes behind the incidents. The first occurred on 1 September when some banks failed to update end-of-day transactions, leaving accounts showing outdated balances. This technical error was corrected the following day and banks were instructed to compensate affected customers and strengthen safeguards.

 

The second issue arose after police ordered banks to freeze accounts suspected of being linked to scams. In certain cases, the amount requested to be frozen exceeded the actual account balance, resulting in systems displaying negative figures. The BoT directed banks to clarify such discrepancies directly with customers to avoid unnecessary alarm.

 

Ms Daranee stressed that freezing accounts suspected of fraudulent activity remains essential in tracking and returning stolen funds to scam victims. She added that the authorities are working to refine the process so that scammers are effectively targeted without causing undue hardship to ordinary customers. Ensuring balance between enforcement and consumer protection has become a priority.

 

Looking ahead, the BoT said agencies will accelerate the release of funds for individuals found not to be involved in scams. Customers who encounter unresolved problems were urged to call the central bank’s 1213 hotline for immediate assistance. The measures are aimed at minimising disruption while ensuring financial crime investigations proceed efficiently.

 

Key Takeaways

 

• The Bank of Thailand admitted account freeze errors stemmed from both technical issues and police orders.

• Banks have been instructed to compensate affected customers and provide direct clarifications.

• Authorities will speed up releasing funds for people cleared of scam links.

 

Related Stories

 

Thailand-tightens-mobile-banking-to-curb-scams

 

More Thai news stories

 

 

image.png  Adapted by Asean Now from Bangkokpost  2025-09-14

 

 

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Does this mean that it is the Bank of Thailand who freezes accounts?     I thought it was individual banks who decided when to freeze an account. 

 

 

 

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