The Thai government has intensified efforts to combat financial fraud, particularly focusing on the increasing prevalence of fraudulent accounts linked to corporate entities. This initiative was highlighted during a press conference held on March 14, 2025, organized by the Bank of Thailand (BOT) alongside multiple governmental departments and law enforcement agencies.
Advancements in technology have transformed the nature of financial crimes, with culprits shifting from individual accounts to corporate entities to evade detection and facilitate illicit financial activities. Dr. Roong Mallikamas, Deputy Governor of the Bank of Thailand, emphasized the urgent need to expand responses to these new tactics, stating, "The methods of financial fraud are rapidly changing, necessitating coordinated efforts across all relevant departments to effectively counteract these crimes."
The recent collaboration includes officials from the Department of Business Development, the Anti-Money Laundering Office (AMLO), and the Cyber Crime Investigation Bureau. Their collective goal is to strengthen the management of sham corporate accounts, facilitating more integrated working procedures.
On stage, Dr. Ekpong Harirak discussed the significant rise of online fraud cases. “From May 2022 to now, we have registered more than 800,000 cases, resulting in estimated damages over 70 billion baht. Over the years, fraudulent schemes have increasingly relied on the misuse of corporate accounts for their illicit activities,” he explained.
Recent statistics indicate the gravity of the issue: the average financial loss related to these scams is around 10 billion baht annually. Despite the increased focus on combating these crimes, reports show businesses using illicit accounts are on the rise, prompting law enforcement to pivot strategies toward corporately structured accounts.
Major law enforcement figures at the press conference, including Police General Trairong Phewpradub, who leads the Cyber Crime Investigation Bureau, expressed optimism about reforming regulations to limit the establishment of fraudulent corporations. “New measures are being introduced to heighten scrutiny when registering companies, ensuring only legitimate businesses are allowed access to banking services,” said General Trairong.
To aid these efforts, the government has also introduced the Central Fraud Registry (CFR) to monitor the financial trails of suspected fraudulent activities, facilitating information sharing between institutions dealing with financial services. Such collaborative methods are expected to disrupt the operations of criminal networks leveraging corporate accounts.
Dr. Kmolvisit Wongsuban from the Fiscal Policy Office highlighted their focus on fostering financial literacy among citizens, particularly targeting younger generations who are more prone to cyber fraud. “Educations initiatives will arm individuals with the necessary knowledge to recognize and resist dubious offers,” he stated. “Improving financial literacy across society is integral to preventing financial misconduct and raising awareness of the risks involved.”
Significant developments have also occurred concerning the Siam Afore case, focusing on Kittikun Kullawatthanawith and several accomplices, accused of defrauding individuals through sham health product investments. The Anti-Money Laundering Office has initiated the seizure of 26 assets worth approximately 32.4 million baht linked to this case. Dr. Ekpong reaffirmed the importance of monitoring such financial crimes, applauding the decisive actions taken against those involved.