(CTN News) – By enacting a draught emergency ordinance, the Thai Cabinet demonstrated its determination to combat Online fraud.
The Cabinet has approved the draught emergency order to fight Online fraud, according to Digital Economy and Society (DES) Minister Chaiwut Thanakamanusorn.
This would enable financial institutions to temporarily block suspicious transactions for examination.
According to Bangkok Post, the Council of State will be consulted on the proposal, dubbed “the prevention and repression of technological crime,” before it is put into action.
“The Thai Cabinet meeting on Tuesday accepted the draught bill offered by the DES Ministry.
In 2023, the ministry wants to crack down on contact center gangs and online fraudsters.
According to the ministry’s top goal for 2023, it was created to crack down on contact center gangs and online fraudsters since these issues have worsened due to the newest digital developments.
“The Act permits financial institutions and company owners to share data via a data exchange system on the accounts and transactions of their customers.
The Royal Thai Police, the Anti-Money Laundering Office, and other authorized organizations may access this data according to the legislation that permits telecom carriers to share consumer information.
“For investigation and fraud prevention, the Office of the National Broadcasting and Telecommunications Commission (NBTC) is authorized to create a central database including users’ registrations for mobile services and short messages.
“The directive permits financial institutions and enterprises to halt questionable transactions if they can see them or if regulators alert them to them.
“They must then notify the companies or financial institutions that received the transferred funds to temporarily suspend all further transactions.
“The deals may continue if no misconduct is found.
“Financial institutions and enterprises are obligated to halt operations and promptly tell those who received the transferred monies to halt further operations until further notice when they receive notification from fraud victims.
“This procedure is intended to give the victims time to file a police report within 48 hours, and police detectives must look into the suspect accounts within seven days after receiving notice.
“Related information and evidence may be notified by phone or electronic methods.
The statute also includes information about penalties.
It is against the law for individuals to provide others they don’t want to use access to their bank accounts, electronic cards, or e-wallet accounts.
Additionally, if they have reason to believe that permitting someone else to use their SIM card might enable illicit behavior, they are prohibited from doing so.
The maximum penalty for violators is a three-year prison sentence and a fine of 300,000 Baht.
“Anyone who procures or sells bank accounts, electronic cards, e-wallet accounts, SIM cards, or promotes such offers that might enable crimes may get a sentence of up to five years in prison and a fine of between 200,000 and 500,000 baht, or both.”
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