Bangkok: The Bank of Thailand has announced a new initiative to limit daily transfers for SML accounts to no more than 50,000 baht, in a strategic move to combat money laundering and financial fraud. The initiative is part of a broader effort to enhance security measures in collaboration with the Thai Bankers' Association.
According to Thai News Agency, the Bank of Thailand (BOT) released data for the second quarter of 2025, revealing that nearly 6 billion baht was lost to scams, and approximately 2.8 million mule accounts were closed. The report highlights that victims often recognize the scam too late. To address this, the BOT is categorizing SML accounts with a transfer limit of 50,000 baht per day, with new customers adopting this service by August and existing customers by the end of 2025. The initiative aims to protect good customers from adverse effects.
Ms. Darunee Saeju, the Assistant Governor of Payment Systems Supervision and Financial Consumer Protection Group at the BOT, discussed the progress made in tackling financial fraud. The government has enacted the Royal Decree on Measures to Prevent and Suppress Technology Crime No. 2 B.E. 2568 (2025), effective from August 8, 2025. This legislation holds various service providers liable for damages arising from technology crimes.
Data from the second quarter of 2015 indicates that money-sucking app scams have been eradicated; however, scams involving money transfers persist, with losses amounting to 5.651 billion baht-a decrease from the previous year's 8.59 billion baht. The BOT has suspended 2.8 million mule accounts and 197,000 mule names.
As of June 2015, there were 24,500 cases of financial fraud, with damages totaling 2.8 billion baht, averaging 114,000 baht per case, and a maximum transfer of 4.9 million baht per transaction. Scams often involve investment schemes, prize transfers, intimidation, and fund transfers. The BOT is particularly concerned about the rapid transfer of large sums, with victims typically reporting their cases 19-25 hours after being notified by the bank.
The BOT, in collaboration with the Thai Bankers' Association, is setting daily transfer and payment limits for individual digital transactions to prevent fraud. These measures are designed to limit the ability of fraudsters to transfer large sums quickly and to protect vulnerable groups, such as children and the elderly.
Ms. Aromorn Chantapan, Director of the Payment Systems Supervision and Financial Consumer Protection Division, outlined the primary objectives: to prevent large, quick transfers and to limit potential damage. Customers will be categorized into different risk sizes, with specific daily limits: size S for suspicious accounts with a 50,000 baht limit, size M for regular customers with a 200,000 baht limit, and size L for those exceeding 200,000 baht. Alerts will be issued for unusual activity.
These measures will apply to individual customers of commercial banks and specialized financial institutions but exclude cooperative customers. Banks must also have processes to assist customers needing to exceed daily limits. The implementation for new customers will begin by the end of August 2025, followed by existing customers by the end of the year, ensuring that well-regarded customers are minimally impacted.