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Central Fraud Registry in Thailand

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  • Central Fraud Registry in Thailand

    Central Fraud Registry, coming soon to clean up Thai banking

    Thailand‘s forthcoming Central Fraud Registry will be a new investigative authority, working alongside the Computer Emergency Response Team, a group of financial institutions focused on cybercrime in the banking industry. The new fraud registry will concentrate on financial fraud in the industry. Thai Banking Association (TBA) chairman Payong Srivanich did not set a time frame for setting up the registry. Financial fraud is widespread in the Thai banking sector. A popular tactic is for fraudsters to use nominees to open deposit accounts and conduct transactions through them. The Digital Economy and Society (DES) Ministry is drafting tough measures to prevent cybercrime, including a plan to take swift action against such deposit accounts.

    Payong said the TBA, Central Fraud Registry, DES Ministry, Royal Thai Police and others would collaborate on cybercrime and fraud.

    In a separate matter, Payong said that exporters raised concerns about the strength of the baht against the dollar amid a slowdown of export growth this year. So far this year, and it’s really only a few days, the baht has been the strongest currency against the greenback in the region, mainly down to a weaker dollar. This is a sign of hot money flowing into the Thai bond market, mainly for three-month local debentures, said Payong.
    Industry leaders cannot determine whether foreigners investing in short-term bonds want to gain from baht speculation or are merely looking for a place to park their money while searching for other investment alternatives, he said.

  • #2
    Thailand Cabinet approves emergency decree to crackdown on Internet fraud

    Digital Economy and Society (DES) Minister Chaiwut Thanakamanusorn revealed the Cabinet approved the draft emergency decree to combat Internet fraud, which will allow financial institutions to temporarily halt suspicious transactions for scrutiny. The draft, titled “the prevention and suppression of technology crime,” will be sent to the Council of State for review before it is implemented, reported Bangkok Post. Chaiwut said…

    “The draft law proposed by the DES Ministry was approved at the Cabinet meeting on Tuesday.

    “It was designed to clamp down on online scammers and call centre gangs, in line with the ministry’s top priority for 2023, as these problems have become increasingly critical amid the latest digital trends.

    “The legislation enables financial institutions and business operators to exchange information about their clients’ accounts and transactions through a data exchange system.

    “The law also allows telecom operators to exchange information about their customers and enables the Royal Thai Police, the Anti-Money Laundering Office and authorised agencies to gain access to this data.

    “The Office of the National Broadcasting and Telecommunications Commission (NBTC) is authorised to develop a centralised database with users’ mobile service registrations and short messages for investigation and fraud prevention.

    “The decree allows financial institutions and businesses that can identify suspicious transactions or are notified by officials of such transactions to suspend them.

    “They then have to inform financial institutions or businesses that received the transferred money to halt further transactions temporarily.

    “If no wrongdoing is identified, the transactions may proceed.

    “When they are notified by fraud victims, financial institutions and businesses are required to suspend transactions and immediately notify financial institutions or businesses that received transferred funds to suspend further transactions temporarily.

    “This step is meant to give the victims time to lodge a police complaint within 48 hours, while police investigators are obliged to probe the suspicious accounts within seven days of being notified.

    “The notification of related information and evidence can be done via a phone call or electronic means.

    “The law also contains details about punishments.

    “Individuals are prohibited from providing access to their bank accounts, electronic cards or e-wallet accounts to people they do not want to use them. They are also barred from allowing others to use their SIM cards if they should know such a move could facilitate illegal activity.

    “Violators could face a jail term of up to three years and a maximum fine of 300,000 THB, or both.

    “Anyone who works for others to procure or sell bank accounts, electronic cards, e-wallet accounts, SIM cards or advertises such offerings that could facilitate crimes could face a jail term of 2-5 years and a fine of 200,000-500,000 THB, or both.”