11 July 2024

The Thai Bankers Association (TBA) is set to hold talks with the Anti-Money Laundering Office (AMLO), seeking the postponement of the enforcement of a new rule, which will require everyone depositing cash via cash deposit machines (CDMs) to identify themselves, by using a credit or debit card plus their PIN number.

The rule is due to come into force on November 15th.

An informed banking source said that several banks have received complaints from customers against the new requirement which, they claim, will cause unnecessary inconvenience for those who do not have a credit or debit card.

Also, the source said that not every commercial bank is ready to accommodate the requirement by the deadline, because they have to upgrade their systems, which will incur cost and take time.

One bank executive said that, instead of just a credit or debit card, he would prefer AMLO to allow the use of ID cards as well.

In either case, he said, each bank will have to upgrade their systems to accommodate the use of credit, debit or ID cards when making cash deposits through CDMs.

The alternative is for the depositors to walk into the branch and deposit their cash using the counter service.

AMLO introduced the news measure to help prevent the laundering of money earned by drug dealing, gambling or other illegal activities.