Overview on Bank Account Freezes
New intense efforts by Thai regulators and law enforcement are causing many bank accounts to be frozen (or transaction-suspending), especially those tied to “mule accounts” used in online fraud.
Over the past week, public concern has surged due to reports of innocent people and small businesses getting swept up in these measures. Authorities acknowledge mistakes and are moving to adjust procedures to reduce harm.
What Are “Mule Accounts,” and Why They’re Under Crackdown
“Mule accounts” are bank accounts used (knowingly or unknowingly) in money laundering or in fraud schemes — often as relays or intermediaries. To intercept and return stolen funds, the government, through the Technology Crime Suppression Division (TCSD), commercial banks, and under the oversight of the Bank of Thailand (BOT), are tracing money trails. This includes freezing funds in accounts suspected of involvement.
What’s Causing Innocent People to Be Affected
- The widening scope of trace-and-freeze operations is capturing accounts that may have received funds from mule accounts, even if the owner didn’t initiate any illegal action.
- Technical issues: balances appearing negative (when freeze orders exceed remaining balances), delays in unfreezing, misclassifications.
- Strict documentation / verification requirements (visa status, SIM registration, identity checks) now more rigorously applied. Some people with foreign status or short-term visas are finding themselves more at risk.
Legal & Regulatory Backing
- The Royal Decree on Measures to Prevent and Suppress Technology Crimes (No. 2), 2025 is being cited as providing legal grounds for temporary transaction suspensions.
- Full account freezes still require formal police or court orders. What many people are seeing are “temporary suspensions” of some transactions or specific suspicious amounts.
What the Authorities are Doing to Fix the Issues
- High-level meetings between BOT, TCSD, banks, and digital/tech ministry officials to refine freezing/unfreezing processes.
- A fast-track mechanism is being established to help innocent account holders unfreeze amounts quickly. The AOC Centre hotline (1441 ext. 2) is the key contact point.
- Banks are being urged to communicate more clearly with customers when freezes or suspensions happen, especially explaining why and how one can get the account or funds restored.
What You Should Do If Your Account is Frozen or Suspended
To protect yourself and speed up recovery:
- Contact the AOC Hotline – 1441 (ext. 2) and explicitly request review/unfreezing if you believe your account was wrongly affected.
- Check your documentation: valid visa, updated identity verification, registered phone/SIM, branch where your account is held.
- Communicate with your bank branch: ask for explanations in writing if possible.
- Keep receipts or proof of transactions that may show your innocence (e.g. why money was received).
- Monitor official announcements; rules may change fast.
Implications & What Businesses / Customers Should Watch Out For
- Trust & Confidence: Repeated false positives may reduce public faith in digital banking and institutional reliability.
- Cash vs Digital: Some people are reportedly shifting toward cash or avoiding digital transfers to avoid risk.
- Foreigners / Visa-holders: Those with non-long-term visas need to be especially careful. Some of the stricter rules (visa type, KYC) may disproportionately affect them.
AO’s Take & Advice
As a company advising clients in this space, our posture is:
- Emphasize proactive compliance: keep all documentation up to date.
- If clients are surprised by a freeze, guide them to the AOC hotline.
- Monitor individual bank policies — while BOT sets central rules, implementation may vary among banks.
About AO Accounting & Advisory Ltd.
AO Accounting & Advisory Ltd. is a full-service firm based in Bangkok, helping companies navigate Thailand’s complex business landscape with confidence. From accounting and tax to payroll, legal, and corporate advisory, our team delivers practical, compliant, and tech-forward solutions tailored to your needs.
Whether you’re a growing SME or a multinational, AO is your partner in operational clarity and strategic growth. Contact us today to see how we can support your business.