Tourists and other foreigners without long-term visas stand to be affected by tougher rules
Bangkok Bank has adopted stricter requirements for opening new deposit accounts in Thailand for foreign customers, affecting tourists and potentially any expats who do not hold long-term visas.
The bank said the tighter conditions align with Thailand’s efforts to improve cybersecurity and combat financial scams.
It said new conditions apply to opening new accounts and applications for credit cards and mobile banking services. The aim is to prevent financial fraud, particularly the use of so-called mule accounts.
The adjustment could affect certain foreigners, it said, and clients experiencing difficulties with financial transactions are encouraged to contact the bank through any of its available channels.
“If a customer is classified as suspicious under regulatory requirements, identity verification with the bank is mandatory,” said a statement issued by Thailand’s largest bank by total assets.
Foreign customers of other commercial banks are also encouraged to contact them if they have any concerns about the status of their accounts, given the likelihood that they too will adopt the new standards.
According to the Facebook page of the Bangkok Community Help Foundation, Bangkok Bank has reportedly begun freezing accounts and blocking the cards of Russian nationals who fail to meet the new eligibility criteria.
“There are also rumours that the bank may apply similar measures to all nationalities that don’t meet the new criteria, raising serious concerns across Thailand’s diverse foreign resident and traveler communities,” it said. “If you have a Bangkok Bank account and don’t meet the requirements we advise to contact the bank as soon as possible.”
Russians having trouble
Some Russian nationals have also posted notes on social media saying they were having trouble accessing their accounts.
The official Russian news agency TASS quoted a BBL spokesperson as saying it stopped opening new accounts for foreign tourists, regardless of where they are from, at the beginning of this year.
“Since January, Bangkok Bank has been operating under new rules. Foreign tourists are no longer allowed to open bank accounts here,” TASS quoted the spokesperson as saying.
“This also applies to holders of the Destination Thailand Visa (DTV), which allows them to stay in the country for up to 180 days, because it is categorised as a tourist one.”
Commenting on reports that some Russians had had their accounts blocked, the spokesperson said: “I can’t confirm that an account being blocked necessarily means it will be closed. In certain cases, bank clients are asked to come to the office to sort out the situation. Sometimes, we need to do a face scan so that we can confirm their biometric data.”
To open new deposit accounts, the bank now requires applicants to hold long-term visas, be married to Thai nationals or own property in Thailand, among other criteria.
“An account with Bangkok Bank can be opened by foreigners present in the country under retirement or non-immigration visas,” she stressed. The latter are issued to foreign nationals who come to the kingdom to work, study or due to family reasons. These people normally have work permits issued by Thai authorities.
Central bank push
Last week, the Bank of Thailand reiterated that in cases where foreigners wish to open deposit accounts in Thailand, banks are required to adopt stricter procedures for verifying identity documents and conducting thorough customer due diligence.
“If the process does not comply with central bank regulations, banks must take immediate corrective action,” said Daranee Saeju, assistant governor for financial consumer protection and payment systems supervision.
The central bank’s move follows a case last week in which four employees of an unidentified commercial bank (not Bangkok Bank) in Pattaya facilitated the opening of accounts that were later used for criminal activities by a call centre scam syndicate.
Ms Daranee said the central bank is preparing to issue new digital fraud management guidelines, enhancing “know your customer” and customer due diligence procedures to reduce the risk of financial scams.
Under the upcoming guidelines, banks will be required to verify not only customers’ identities but also additional information. For instance, banks must cross-check client names against the mule account database of the Anti-Money Laundering Office and assess the risk of misuse.
Furthermore, banks must carry out customer profiling based on risk levels and adopt suitable risk mitigation measures, such as setting daily transaction limits or lowering the deposit amount for accounts opened via facial recognition.
