The Bank of Thailand has ordered the banking sector to prohibit financial transactions linked to mule accounts, mandating full compliance by March 2025.
- The banking industry in Thailand is set to fully implement a ban on financial transactions involving various categories of mule accounts by March 2025, in compliance with the Bank of Thailand’s directive.
- Banks have already taken measures to combat financial crime, including blocking money transfers to high-risk accounts and closing over 1.8 million mule accounts, with further regulations to prohibit the opening of new corporate mule accounts.
- The government and private sector, including banks, telecommunications companies, and digital platforms, are collaborating comprehensively to tackle financial scams, enhance security systems, and prevent the use of mule accounts.
The ban covers money transfers to and from three additional categories of mule accounts, as well as prohibiting individuals linked to mule accounts from opening new deposit accounts. The Thai Bankers’ Association has established the Central Fraud Registry to share mule account data among banks, resulting in the closure of over 1.8 million mule accounts.
The government and private sector are collaborating to combat financial crime and prevent the use of mule accounts, with banks already blocking money transfers to high-risk accounts. The government has also suspended power supply to certain border areas near Myanmar to curb scam operations. The banking sector is committed to working with all relevant parties to fight financial crime and enhance security systems.
In addition, authorities are implementing advanced monitoring systems to detect suspicious activities more effectively. Law enforcement agencies are conducting targeted raids on suspected scam hubs, while public awareness campaigns are being launched to educate citizens about the risks of financial fraud. Collaborative efforts between international organizations are also being strengthened to address cross-border financial crimes. These measures aim to create a safer financial environment and restore public trust in the system.
