There has been a lot of talk over the news that, beginning on November 15th, users of cash deposit machines (CDMs) would be required to authenticate their identities using bank cards. It has been made clear by the Bank of Thailand (BOT) that the adjustment is required for constitutionality reasons.
According to the BOT, this action complies with legislation intended to prevent money laundering and the financing of terrorism. The Anti-Money Laundering Office proposed the legislation (AMLO). In a statement released, the office elaborated, explaining that depositor identity is required for the safety of all financial operations.
The BOT has said that those who do not have access to CDM machines due to a lack of a debit card, ATM card, or credit card would still be able to make deposits. Budsakorn Teerapunyachai, a senior director in the BOT’s Payment Systems Policy Department, described some of the options available for making bank deposits.
A few examples are ATMs not affiliated with a bank, money transfer services at convenience stores, the Thailand Post, and bank-backed deposit agents. The individual making the deposit must show photo identification.
If the BOT has its way, banks will start using other identification methods at CDM machines. This will make it easier for everyone to make deposits, and it may require the usage of citizen identity cards or cardless identification.
