Ttb Warns Against Risks of Becoming Mule Account Victims

Prachachat•Economy•1d ago

Reader Briefing

Ttb warns the public about the risks and legal penalties associated with 'mule accounts' used by fraudsters.

•Ttb provides guidance on identifying risky behaviors that lead to becoming a mule account holder.
•Mule accounts are bank accounts used to receive, transfer, or hold funds related to illegal activities.
•The Emergency Decree on Measures for Prevention and Suppression of Technology Crimes 2023 prescribes strict penalties for mule account involvement.

Overview

•Ttb defines a mule account as a bank account used as a channel for receiving, transferring, or parking money involved in illegal acts.
•Fraudsters use other people's accounts as intermediaries to reduce the chances of being monitored and tracked.
•Risky behaviors include accepting money into an account temporarily or transferring money for others in exchange for a small fee.
•Ttb states that claiming ignorance of the source of funds may not exempt a person from liability if the account is in their name.
•Under the Emergency Decree on Measures for Prevention and Suppression of Technology Crimes 2023, those who sell, rent, or lend accounts face up to 3 years in prison or a fine up to 300,000 baht, or both.
•Individuals who procure, advertise, or solicit the buying and selling of bank accounts face 2-5 years in prison or a fine of 200,000-500,000 baht, or both.
•Ttb advises the public not to lend or allow others to use their bank accounts and to verify every transaction carefully.

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Source: Prachachat (Original)

Key Entities

Organization

Ttb(ทีทีบี)

A bank that provides warnings and guidelines to prevent Thai people from becoming mule account victims.

TMBThanachart Bank(ธนาคารทหารไทยธนชาต)ℹ️

The bank that issued the report regarding the risks and prevention of mule accounts.

Law

Emergency Decree on Measures for Prevention and Suppression of Technology Crimes 2023(พระราชกำหนดมาตรการป้องกันและปราบปรามอาชญากรรมทางเทคโนโลยี พ.ศ. 2566)

The law that stipulates penalties for those who open, sell, rent, or solicit bank accounts for illegal use.