Public warned of fraud penalty for selling accounts after 2,500 arrested

Banks told to tighten up after 1.66 million deposit accounts suspended in crackdown on money laundering for call centre gangs and other scams

Over 1.66 million bank accounts were suspended in the government’s crackdown on money laundering for call-centre gangs and other fraud in 2024, Digital Economy and Society (DES) Minister Prasert Chantararuangthong announced on Monday.

Prasert also warned the public of the penalties for selling their personal bank accounts for use by third parties. He said the crackdown also saw 2,495 individuals arrested for owning mule accounts and SIM cards linked to laundering. The suspects face up to three years in prison and/or a maximum fine of 300,000 baht if found guilty of allowing others to use their deposit accounts. They may also be charged as accomplices to the fraudsters and be sued for damages by the victims.Prasert said the Technology Crime Prevention and Suppression Committee has also discussed stronger measures to combat fraud risks. Meanwhile, the Bank of Thailand (BOT) has instructed all financial institutions and electronic money service providers to implement a unified approach in tightening controls on deposit and electronic accounts, particularly for high-risk customers or accounts with abnormal behaviour. 

Prasert said online financial service providers found to be opening accounts for criminals or mule account activity will be suspended under the tightened rules, with intensified measures for both existing and new accounts.

“If any abnormalities are found [in an account], an immediate investigation will be conducted," said Prasert, who is also a deputy prime minister."I would like to warn the public that selling bank accounts in any form carries severe penalties of up to three years in prison. If you have already been deceived into selling your bank account, please contact the bank immediately to close the account to avoid being listed as a seller and having all your bank accounts suspended. Additionally, this will prevent you from being prosecuted as an accomplice in criminal activities," Prasert said.

(2025/02/03-00:00)