Bangkok Bank has introduced stricter requirements for foreign nationals seeking to open new deposit accounts in Thailand, with the changes expected to affect tourists and others who do not hold long-term visas.
Thailand’s largest bank by assets said the updated conditions, which also apply to credit card and mobile banking applications, are part of efforts to strengthen identity verification and reduce the risk of financial scams.
The issue was first reported by the Moscow Times on 26 May before being widely shared on social media, prompting concern among Thailand’s foreign resident and traveller communities.
In a statement, the bank said that “if a customer is classified as suspicious under regulatory requirements, identity verification with the bank is mandatory”. Customers encountering difficulties with transactions are advised to contact the bank directly.
The changes, which came into effect earlier this year, mean that foreign tourists are no longer eligible to open new bank accounts with Bangkok Bank, regardless of nationality. The new rules also apply to holders of the Destination Thailand Visa (DTV), which permits stays of up to 180 days but is classified as a tourist visa.
To open a new account, foreigners must now meet one of several criteria, such as holding a retirement or non-immigrant visa, being married to a Thai national, or owning property in Thailand. Non-immigrant visas typically apply to foreigners who live in Thailand for work, study, or family reasons and often involve work permits.
The move follows ongoing efforts to crack down on fraudulent activity involving so-called mule accounts. Last week, four employees from an unnamed commercial bank in Pattaya were found to have helped open accounts later used in call centre scams.
Russian state news agency TASS quoted a Bangkok Bank spokesperson as saying that the bank stopped opening accounts for tourists at the start of this year. Reports have also surfaced online of Russian nationals facing issues accessing their accounts. The spokesperson clarified that a blocked account does not necessarily mean it is closed but that customers may be asked to visit a branch for biometric verification.
Although the current policy applies to Bangkok Bank, there is speculation that other Thai commercial banks may introduce similar measures. Foreign nationals with accounts elsewhere are being advised to confirm their account status with their respective banks.
The Bank of Thailand has also urged all banks to adopt more stringent due diligence procedures. Daranee Saeju, assistant governor for financial consumer protection and payment systems supervision, said banks must verify identity documents thoroughly and comply with regulatory standards. Where banks fall short, corrective action must be taken immediately.
The central bank is preparing to release new digital fraud management guidelines that will enhance customer verification processes. These include cross-checking customer details with the Anti-Money Laundering Office’s mule account database and conducting risk assessments that could lead to measures such as transaction limits or deposit caps for accounts opened via facial recognition.