# Thailand to Prohibit Financial Transactions Using Mule Accounts from March 2025

- Link: https://www.thailand-business-news.com/banking/197770-thailand-to-prohibit-financial-transactions-using-mule-accounts-from-march-2025
- Published: 2025-02-27T17:24:41+07:00
- Author: Stephanie Chu

The Bank of Thailand has ordered the banking sector to prohibit financial transactions
linked to mule accounts, mandating full compliance by March 2025.

 * The banking industry in Thailand is set to fully implement a ban on financial
   transactions involving various categories of mule accounts by March 2025, in **
   compliance with the Bank of Thailand’s directive**.
 * Banks have already taken measures to combat financial crime, including blocking
   money transfers to high-risk accounts and **closing over 1.8 million mule accounts**,
   with further regulations to prohibit the opening of new corporate mule accounts.
 * The government and private sector, including banks, telecommunications companies,
   and digital platforms, are collaborating comprehensively to tackle financial 
   scams, **enhance security systems, and prevent the use of mule accounts.**

The ban covers money transfers to and from three additional categories of mule accounts,
as well as prohibiting individuals linked to mule accounts from opening new deposit
accounts. The Thai Bankers’ Association has established the Central Fraud Registry
to share mule account data among banks, resulting in the closure of over 1.8 million
mule accounts.

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The government and private sector are collaborating to combat financial crime and
prevent the use of mule accounts, with banks already blocking money transfers to
high-risk accounts. The government has also suspended power supply to certain border
areas near Myanmar to curb scam operations. The banking sector is committed to working
with all relevant parties to fight financial crime and enhance security systems.

In addition, authorities are implementing advanced monitoring systems to detect 
suspicious activities more effectively. Law enforcement agencies are conducting 
targeted raids on suspected scam hubs, while public awareness campaigns are being
launched to educate citizens about the risks of financial fraud. Collaborative efforts
between international organizations are also being strengthened to address cross-
border financial crimes. These measures aim to create a safer financial environment
and restore public trust in the system.

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