Thailand to postpone new cash deposit machine rule after backlash
The implementation of Thailand’s new cash deposit machine (CDM) rule will be postponed after customers complained it would cause unnecessary inconvenience and extra fees for people who do not use credit/debit cards.
The new rule will require anyone depositing money into their bank account using a CDM in Thailand to verify their identity with their debit/credit card and PIN.
The Anti-Money Laundering Office (AMLO) said the new measure would prevent money laundering earned from drug trafficking, gambling, and other criminal activity. The new measure was set to be introduced on November 15.
Currently, you can deposit cash into a bank account using a CDM with just an account number so long as the machine belongs to the same bank.
Eleven commercial banks came on board with the new measure: Krung Thai Bank, Siam Commercial Bank, Kasikorn Bank, Bangkok Bank, Bank of Ayudhya, TMB Thanachart Bank, UOB Bank, CIMB Bank, the Government Savings Bank, the Government Housing Bank and Kiatnakin Phatra Bank.
However, with the existence of Internet banking, not everyone has a debit or credit card. Several banks received complaints that the new measure is an unnecessary inconvenience for people who do not use cards. Many complained about the extra fees and others said there would not be enough time to upgrade their account and buy debit/credit cards before November 15.
Yesterday, the Governor of the Bank of Thailand (BOT) Dr Sethaput Suthiwatanaruput said the measure would be postponed to find a way to ensure that customers are not burdened by the new rule. Dr Sethaput said that BOT must cooperate with the Thai Bankers Association (TBA), which raised concerns about the ID verification measure.
Therefore, the BOT and TBA will enter discussions with AMLO to discuss whether it is possible to verify your identity at a CDM in a different way. One bank executive suggested that national ID cards could be used as well as credit/debit cards. Another suggestion was using an OTP or internet banking to verify your identity instead of a credit/debit card.
Alternatively, cash can be deposited into an account inside the bank branch itself using the bank’s counter service.
