Thailand will begin implementing a new regulation on the 14th, which requires financial institutions, telecom operators, and social media platform owners to take responsibility for failing to curb fraud.
According to a report by China News Service, Thailand's Minister of Digital Economy and Society, Chaiwut Thanakamanusorn, stated that the new regulation aims to protect people from asset loss due to fraud through phone and online channels.
The regulation, known as "Measures for the Prevention and Suppression of Technological Crimes," requires financial institutions and business operators to disclose account and financial transaction information suspected of being involved in fraud, and also mandates the freezing of suspicious accounts and transactions; telephone and telecom service providers must filter out messages that may involve fraud and cease telecom services related to fraud.
Financial institutions, telecom operators, and social media platform owners that fail to comply with anti-fraud measures will face fines of up to 500,000 Thai Baht. Individuals responsible for such negligence can face up to one year of imprisonment and a fine of up to 100,000 Thai Baht.
Under the new regulation, individuals responsible for failing to correctly register mobile users to prevent fraud will face up to one year of imprisonment and a fine of up to 100,000 Thai Baht.
Fraudsters collecting, disclosing, or using data of others will face up to one year of imprisonment and a fine of up to 100,000 Thai Baht.
Thailand has also revised a regulation concerning digital asset businesses, requiring foreign digital asset exchanges to obtain a service license in Thailand before offering services. The newly revised regulation also takes effect on the 14th.
Previously, Thai authorities found it difficult to prevent suspicious transactions from foreign digital asset exchanges that might support fraudsters in remitting funds.