Thailand’s new Emergency Decree on technological crime imposes shared liability on financial institutions, digital asset operators, and related service providers for fraud losses, unless they meet regulatory standards. In response, the SEC has issued new requirements targeting mule accounts used in illicit transactions, requiring enhanced due diligence and account controls. Digital asset operators must strengthen onboarding, monitor transactions more closely, and suspend suspicious accounts to ensure compliance. For a more detailed analysis, click here.
Thailand’s SEC Sets New Standards to Combat Mule Accounts in Digital Asset Businesses
Share
Categories:
Author
Komkrit Kietduriyakul
Komkrit Kietduriyakul joined Baker McKenzie in 1994. He was working with the Firm’s London office when he became a partner in 1999. Mr. Kietduriyakul is a member of the Banking & Finance, Capital Markets & Securitization, Restructuring & Insolvency and Projects Practice Groups in Bangkok. He is a recognized leader in derivatives, structured finance, and capital markets, as well as fintech, project finance and bankruptcy.
Author
Benja Supannakul
Benja is a partner in the Bangkok office of Baker McKenzie. She joined Baker McKenzie in 2001 and is specialized in the areas of financial products including but not limited to derivatives, structured products, structured finance, wealth management, private banking, fund management and debt capital market, especially in regard to the regulatory matters. She has been also acting as a Thai legal counsel for ISDA Association and regularly advises international banks, capital markets intermediaries, fund managers, insurance companies and other financial institutions on financial services compliance and regulatory matters. She has been recognized by several of the world's leading legal directories.
Author
Suthawadee Riumkidgarn
Suthawadee is a Banking and Finance Legal Professional in Baker's Bangkok office.