Rules eased on cash deposits

Bangkok Post file photo
Bangkok Post file photo

People can use their ID card and phone number to verify their identity when making deposits at cash deposit machines (CDMs) from June 1, according to the Anti-Money Laundering Office (Amlo).

Amlo deputy secretary-general Thepsu Bowornchotedara said on Friday that Amlo, the Bank of Thailand (BoT) and the association of commercial banks have agreed on the additional method of identity verification following complaints from customers.

Effective from Nov 15, cash depositors at CDMs will have to verify their identity using an ATM card, debit card or credit card; anyone lacking such cards will have to make deposits inside the bank branch and show their ID cards.

Currently, consumers can deposit money at CDMs by either inserting their plastic card or entering a bank account number.

The need to verify the identity 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 often use CDMs to move cash.

However, the requirement has drawn complaints due to its inconvenience. Customers also say ATM cards, debit cards and credit cards have annual fees, and making deposits at a bank branch or with an agent also incurs transaction fees.

This prompted Amlo and banks to work out additional methods.

Mr Thepsu said cash depositors at CDMs will be asked to enter their ID card number and phone number to receive a one-time password which is needed to complete the transaction. No fee will be incurred.