Bangkok Bank has introduced more stringent requirements for foreign nationals opening new accounts in Thailand, a move initiated earlier this year to support national efforts to curb financial fraud and strengthen cybersecurity.
The new policy affects tourists and other non-residents without long-term visas, and applies not only to the opening of deposit accounts, but also to applications for mobile banking and credit cards. The bank said the tightened rules aim to reduce the misuse of accounts for fraudulent activity, especially the growing use of mule accounts tied to scam operations.
According to a statement from Bangkok Bank, customers flagged under regulatory frameworks must undergo in-person identity verification. The bank advised affected individuals to reach out through its official service channels for further assistance.
This development aligns with broader efforts by the Bank of Thailand, which has urged all financial institutions to apply stricter due diligence and identity checks for foreign clients. Last week, the central bank emphasized that compliance with its anti-fraud guidelines is mandatory, following revelations that employees at a different commercial bank in Pattaya had facilitated account openings later linked to a call centre scam group.
The central bank is now preparing new digital fraud prevention guidelines, which will require financial institutions to cross-check clients’ names against the Anti-Money Laundering Office’s mule account database and assess customer risk levels. These guidelines are expected to mandate more rigorous profiling, including daily transaction limits and additional safeguards for accounts opened through facial recognition.
The impact of Bangkok Bank’s new policy is already being felt. Russian nationals have reported difficulties accessing their accounts, with some claiming that services were frozen. A spokesperson for the bank told Russian state news agency TASS that, since January, account openings for tourists—including holders of the Destination Thailand Visa (DTV), which permits stays up to 180 days—have been suspended. The spokesperson clarified that while some accounts are being reviewed or temporarily frozen, closures are not automatic and may require in-person verification.
Under the revised criteria, foreign nationals may open accounts only if they hold long-term visas, are married to Thai citizens, or own property in Thailand. This includes retirees and individuals in Thailand for work or study who possess valid non-immigration visas and, typically, work permits.
While Bangkok Bank has been at the centre of attention, other Thai banks are also expected to align with the enhanced standards. Foreign clients facing issues have been encouraged to proactively contact their respective banks to ensure compliance with the new regulations.
