General
Bank of Thailand Imposes Transfer Limits on Minor Accounts Amid Fraud Surge
The Bank of Thailand has introduced new daily transfer limits for accounts held by children aged 10 to 11 following a 70.3% increase in the use of 'mule accounts' involving minors.
According to a report by Matichon Online, the Bank of Thailand is implementing stricter regulations on bank accounts held by children. This policy shift comes in response to a significant 70.3% surge in the use of 'mule accounts'—bank accounts used by criminals to facilitate illicit financial transactions—involving minors.
Under the new measures, individuals aged 10 to 11 will be restricted to a maximum daily transfer limit of 3,000 baht. The central bank aims to curb the exploitation of young people in financial crimes, as these accounts are increasingly being utilized to bypass security protocols.
For residents and expatriates in Thailand, this development highlights a tightening of digital banking oversight. While these specific limits target a younger demographic, it reflects a broader trend of increased scrutiny on financial transactions within the country. Those managing family finances or setting up accounts for minors should be aware of these evolving restrictions to ensure compliance with current banking standards.
At this stage, details regarding the implementation timeline for all commercial banks and whether these limits will be extended to other age groups remain to be fully clarified by the authorities. Users are encouraged to consult their specific financial institutions for updates on how these changes may affect existing accounts.
Translated from Thai.
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