Thai Central Bank defends new controls on cash deposits via CDMs

The Bank of Thailand has defended new rules for cash deposits through automated cash deposit machines (CDMs), introduced by the Anti-Money Laundering Office (AMLO).


Bank of Thailand’s Payment Systems Policy Office’s senior director, Budsakorn Teerapunyachai, said today (Tuesday) that the new measure is in line with the AMLO law against money laundering and financial support for terrorism.


She also said that the central bank will urge all commercial banks to modify their systems to accommodate the new requirement and other card-less identification services.


Under AMLO’s new requirement, which will become effective on November 15th, cash depositors using CDMs will be required to use their credit or debit card and their PIN or password.


Otherwise, they will have to go into a bank branch to deposit their cash and pay a fee for the service.


A number of bank customers have expressed disagreement with the new measure via social media, claiming that it unnecessarily increases their financial burden and inconvenience, because they will have to apply for debit cards.


So far, 11 commercial banks have approved the new measure, among them are the Krung Thai Bank, Siam Commercial Bank, Kasikorn Bank, Bangkok Bank, Bank of Ayudhya, TMBThanachart Bank, UOB Bank, CIMB Bank, the Government Savings Bank, the Government Housing Bank and Kiatnakin Phatra Bank.


Source: Thai Public Broadcasting Service