BOT targets mule accounts with new digital fraud management rules

The Bank of Thailand (BOT) is set to introduce new guidelines on digital fraud management as part of its intensified efforts to tackle the growing problem of mule accounts.

This move comes in the wake of a recent incident involving a bank employee who allegedly facilitated the opening of accounts used in fraudulent call centre operations. The case has since led to the identification of several additional suspects involved in the network.

Daranee Saeju, Assistant Governor of the BOT responsible for Payment Systems Policy and the Financial Consumer Protection Group, said the central bank has already ordered the bank in question to urgently investigate the matter and provide a detailed explanation of the incident.

“In cases where foreign nationals wish to open bank accounts in Thailand, the BOT requires banks to follow strict procedures for verifying identity documents and conducting thorough customer due diligence. If these standards are not met, the bank must take immediate corrective action,” she explained.

“Moreover, if it is found that any bank staff are complicit in such wrongdoing, the bank is required to take decisive disciplinary action.”

Daranee added that the BOT is working closely with the Anti-Money Laundering Office (AMLO) to further investigate the incident. Should any actions be found to contravene BOT regulations or the law, legal proceedings will be initiated against the institution involved.In a broader effort to protect the public from becoming victims of financial crime, the BOT is currently finalising its digital fraud management guidelines. These will enhance the processes of know your customer (KYC) and customer due diligence (CDD).

As part of these new measures, banks will be required to verify customer identity using additional data sources beyond the documents provided. For instance, they must cross-check names against AMLO’s database of known mule accounts and assess the risk that the account might be misused for fraudulent purposes, Daranee said.

Banks will also need to categorise customers based on their risk profile and apply appropriate risk management measures accordingly. This may include daily transaction limits or lowering the financial threshold at which facial recognition is required for new accounts.

The updated guidelines are expected to come into effect in June, she added.

(2025/05/23-00:00)