reader Posted February 16 Posted February 16 From Pattaya News Thailand’s financial landscape is undergoing big changes as the Bank of Thailand (BoT) introduces new regulations to enhance the security and efficiency of mobile banking. Let’s talk about how these affect non Thai nationals with support from our legal partners at Anglo Siam Legal. These updates, driven by multiple factors including concerns on call center scams that have dominated headlines, aim to protect users. For tourists, foreigners, and expats, these changes can have both positives and negatives. Recent and Upcoming Changes in Mobile Banking Regulations One Account, One Device Rule: As of recent announcements, mobile banking services will now be limited to one account per device for each bank. This aims to reduce the risk of fraud. Users must register their device, and switching or upgrading devices requires re-authentication with the bank, often in person. Enhanced Biometric Authentication: The BoT has mandated biometric verification, such as facial recognition, for certain mobile banking transactions. Stricter Know Your Customer (KYC) Requirements: Financial institutions are tightening KYC processes, particularly for electronic transactions. Foreigners and non-residents may face more rigorous identity verification, especially when opening accounts or conducting high-value transfers. Transaction Limits and Monitoring: To combat money laundering and fraud, the BoT has introduced limits on mobile banking transactions, with stricter monitoring for large or frequent transfers. Users may need to verify their identity for transactions exceeding certain thresholds. Mobile SIM card changes In Thailand, new mobile banking rules will require the name on your mobile banking account to match the name of the SIM card holder registered with your bank. This is to combat online scams, particularly those using “mule” accounts. Key Details: Verification Deadline: You must confirm your identity with your mobile service provider by April 30, 2025. If not, your mobile banking services may be suspended. Notifications: Banks will notify you via their mobile banking apps if you need to verify. No notifications will be sent through other channels to prevent fraud. If you do not get a notification, you are ok. Scope: Over 120 million SIM cards may eventually need verification. Authorities are initially focusing on 2 million SIMs with mismatched names, including some with no registered owner. Exemptions: SIMs registered under government agencies or organizations for employee use may be exempt. Impact: If suspended, you can still use traditional banking channels, but mobile banking will be restricted until the mismatch is resolved. If you receive a notification, contact your bank and mobile provider to update your details before the deadline. https://thepattayanews.com/2025/02/16/legal-corner-how-upcoming-stricter-mobile-phone-banking-changes-in-thailand-affect-you/ daydreamer and khaolakguy 2 Quote
