Commercial banks have been urged by the Anti-Money Laundering Office (Amlo) to ensure that a new requirement that people depositing at cash deposit machines (CDMs) must verify their identity when making transactions will not end up out of pocket.
Currently, consumers can deposit money at CDMs by entering the bank account number of the recipient.
The requirement, in which cash depositors at CDMs will have to verify their identity by using an ATM card, debit card or credit card, will take effect on Nov 15. Those without these cards have to make deposits at the bank’s branches and show their ID cards.
However, the requirement has drawn criticism from customers who say ATM cards, debit cards or credit cards have annual fees. Making deposits at a bank’s branch or agents also incurs transaction fees.
Amlo deputy secretary-general Thepsu Bowornchotedara said the need for identity verification of depositors at CDMs is in line with the anti-money laundering law’s clauses on customer due diligence.
It is used to prevent and trace suspicious transactions as money launderers use CDMs to move cash.