Bangkok: The Ministry of Digital Economy and Society has announced plans to implement a mechanism aimed at differentiating between innocent individuals and those impersonating account holders in cases where account funds are temporarily suspended.
According to Thai News Agency, the Permanent Secretary of the Ministry, Mr. Wisit Wisitsora-at, emphasized that the suspension of funds suspected to be linked to money mule accounts is a necessary step due to the inability of traders to transfer funds. He urged the public to remain calm and assured expedited resolutions through the establishment of a “war room” to address the issue. This initiative will focus on identifying and separating genuine account holders from impersonators.
Mr. Wisit clarified, following a meeting with representatives from the Bank of Thailand and the Thai Bankers’ Association, that the current situation is not an account freeze but rather a temporary fund suspension linked to suspected mule accounts. During the suspension, which can last up to seven days, banks and law enforcement agencies will investigate further. If no additional evidence of wrongdoing is found, normal transactions will resume, and funds will be returned to the account.
In some cases where account balances appear negative, Mr. Wisit explained that this may be due to insufficient funds in the account to cover previously transferred amounts from mule accounts. This results in a negative balance, though other transactions remain unaffected.
The Ministry plans to work with various agencies, including the Technology Crime Suppression Division (TCSD) and the Anti-Money Laundering Office (AMLO), to establish guidelines for a joint investigation. The criteria for these investigations will include analyzing transaction patterns and assessing account usage behavior to determine whether an account owner is involved in illicit activities.
A representative from the Thai Bankers’ Association advised the public to continue conducting transactions as usual, noting that incidents involving mule accounts are not new. While the number of mule accounts has decreased due to stricter banking procedures, distinguishing individuals hired to open accounts for criminals remains challenging.
Mr. Wisit reported receiving over 600-700 complaints in a single morning regarding fund suspensions. Efforts are underway to study and improve the process of notifying affected individuals and lifting temporary suspensions once accounts are cleared of suspicion.
In response to questions about collaboration with police and AMLO, Mr. Wisit highlighted that freezing accounts is a legal matter handled by police upon sufficient evidence of wrongdoing. The AMLO has the authority to temporarily suspend transactions to allow police investigations to proceed.
Mr. Wisit concluded by stating that the Ministry is committed to establishing a mechanism for quickly revoking temporary transaction suspensions, ensuring innocent individuals are not adversely affected.