Stringent compliance regulations for new bank accounts

[Big Boy]

Thai authorities are set to enforce severe compliance regulations for customers seeking to open new bank accounts in the country.

Key takeaways

• Thai authorities are set to apply stricter compliance regulations to the opening of new bank account processes.

• From November of last year to the present, local authorities have closed more than 300,000 mule accounts.

• The Thai authorities’ experts estimate that the number of accounts used with fraudulent methods could have reached one million.

The move comes as a result of the use of accounts for illicit or fraudulent activities, from November of last year to the present, local authorities have closed more than 300,000 mule accounts.

https://www.thailand-business-news.com/ ... k-accounts

[lomuamart]

Maybe I'm missing something but the article says "things" will be implemented by/on June 1st (can't be bothered to re-read the words for precision).

So, "compliance". Fine, what does that mean bearing in mind this deadline is only a few weeks away? There's just no detail or explanation.

Oh dear, who gets paid to write this drivel.