BoT aims to quickly unlock accounts

The Bank of Thailand is expediting efforts to unlock the financial transactions of suspended accounts affected by investigations into mules.

- SOMRUEDI BANCHONGDUANG

In collaboration with relevant agencies, the regulator is upgrading its operational processes to better distinguish between mule accounts and legitimate ones, allowing the public to transfer money as usual, said Daranee Saeju, the central bank's assistant governor for the Payment System Policy and Financial Protection Group.

Under the new system, banks will be able to unlock suspended transactions within one day, or as quickly as 3-4 hours per case, compared with the previous 3-7 days. The release would take place once banks verify that the transaction is not linked to mule activity. This measure has already been implemented.

Additionally, banks will notify customers in advance about temporary suspensions and the amounts involved.