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Central bank seeks fix to wrongful freezing of accounts

Central bank seeks fix to wrongful freezing of accounts

13 Sept 15:16 Key points summarised by AI
  • The Bank of Thailand (BOT) is convening a meeting with commercial banks and the Anti-Online Scam Operations Centre (AOC) to improve procedures for freezing and unfreezing bank accounts.
  • Current procedures are adversely impacting innocent bank customers, particularly small retailers, whose accounts are mistakenly linked to online scams, disrupting their financial activities and businesses.
  • The problem arises from intensified efforts to track scam money trails, sometimes leading to account freezes due to banks' balance issues or police requests, despite the necessity of freezing suspect accounts for fund recovery.
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