BoT and Financial Institutions Fight Scammers from Sept 10

MGR Online•Economy•2d ago

Reader Briefing

The Bank of Thailand is launching a strategic initiative on September 10 to block illegal funds and money laundering through financial institutions.

•The Bank of Thailand (BoT) and financial institutions will announce a joint commitment to protect the Thai financial sector on September 10.
•The strategy focuses on creating a bottleneck at the banking system to intercept funds from scammers, corruption, and online gambling.
•Measures include controlling cash transactions of 5 million baht or more and monitoring abnormal USDT trading volumes.
•The BoT is also monitoring NPL Formation, particularly among SMEs which have been fragile for over 16 quarters.

•The Bank of Thailand and financial institutions will announce their joint commitment to protect the Thai financial sector on September 10.
•The Bank of Thailand is implementing measures to control cash deposits and withdrawals of 5 million baht or more.
•The Bank of Thailand has coordinated with the Securities and Exchange Commission to monitor abnormally high USDT trading volumes over the past year.
•Payment Gateway channels are being limited and immediate account locking measures are being used to stop the transfer of funds by fraudsters.
•Reporting requirements for gold withdrawals exceeding 10 million baht or 2 kilograms have led to a 70% decrease in abnormal transactions in that group.
•Vitai Ratanakorn stated that the Bank of Thailand acts as a financial police to block illegal funds while remaining an economic mentor managing debt.
•Non-Performing Loan (NPL) Formation in the overall system remains at a normal level, though the SME group is the most concerning.
•The Bank of Thailand is considering additional assistance measures for SME debtors, with clarity expected within this quarter or the next.

Full article content is available on the original source.

Bank of Thailand(ธปท.)ℹ️

The central bank of Thailand acting as a financial police to block illegal funds and an economic mentor for debt management.

Securities and Exchange Commission(สำนักงานคณะกรรมการกำกับหลักทรัพย์และตลาดหลักทรัพย์ (ก.ล.ต.))ℹ️

The agency coordinating with the Bank of Thailand to monitor abnormal USDT trading volumes.

Ministry of Finance(กระทรวงการคลัง)ℹ️

The entity with the direct authority to decide on the collection and rate of specific business taxes.

Vitai Ratanakorn(วิทัย รัตนากร)ℹ️

The Governor of the Bank of Thailand.