Bangkok: The Bank of Thailand (BOT) is set to announce new guidelines defining the responsibilities of financial institutions and payment service providers in response to the recently enforced Emergency Decree on Measures to Prevent and Suppress Technology Crimes (No. 2) B.E. 2568. This initiative aims to enhance customer care, prevent cyber threats, and distribute the compensation for damages between service providers and the public.
According to Thai News Agency, Ms. Roong Mallikamas, Deputy Governor for Financial Institutions Stability at BOT, stated that the bank is working on setting clear expectations for commercial banks and e-Money companies to adhere to security standards. The announcement, expected by the end of April, will require service providers to share responsibility if negligence leads to public damage, with the proportion of compensation determined by the court. The announcement outlines three primary measures: preventing account impersonation, managing mule accounts, and establishing a fast notification and money tracking system.
The BOT's approach to Shared Responsibility involves all relevant parties, including banks, e-Money, telecommunications companies, social media platforms, and the public. The compensation proportion will be determined on a case-by-case basis. Ms. Aromon Jantapan, Director of Payment Systems Policy at BOT, highlighted that different countries have varied approaches to determining responsibility for technology crimes. In Thailand, the Shared Responsibility model is designed with careful consideration of the local financial system and user behavior.
The BOT's strategy is informed by a detailed study of international measures, adapted to improve the cyber security of Thailand's financial system.