Thailand’s crackdown on money mule accounts, fraud, and scams
Explore Thailand’s evolving approach to financial crime, outlining key regulatory changes, an enhanced money mule risk classification system, and the implications for banks and financial institutions.
Thailand is facing a rapidly escalating financial crime crisis, driven by online
scams, fraud, tax evasion, and embezzlement. Cybercriminals—both local and international—are leveraging technology to execute sophisticated schemes such as romance scams, Ponzi schemes, and voice phishing. Among the most commonly reported crimes are financial fraud and online shopping scams, with investment fraud preying on victims through promises of exaggerated returns.
Additionally, call center scams have surged, particularly targeting the elderly,
a trend that intensified during the COVID-19 pandemic.
This white paper explores Thailand’s evolving approach to financial crime,
outlining key regulatory changes, an enhanced money mule risk classification
system, and the implications for banks and financial institutions. It also examines
how BioCatch’s behavioral-based detection technology can empower banks to proactively identify mule accounts, prevent illicit transactions, ensure compliance, and safeguard Thailand’s financial ecosystem.