THAILAND LAW AND PRACTICE Contributed by: Wongsakrit Khajangson, Panupan Udomsuvannakul, Koraphot Jirachocksubsin and Pitchaya Roongroajsataporn, Chandler Mori Hamad a
• dishonest intent – such person wants benefits they do not deserve for themselves or others; and • unlawful gain – such person, thereby: (a) obtains property from the deceived person or any third party; or (b) causes the deceived person or any third party to change, remove or destroy a document of rights. These elements constitute an offence of fraud, which typically leads to imprisonment and/or a fine under the Criminal Code. However, if such an offence is subject to specific laws, as mentioned above, the liability will be determined in accordance with those laws. In addition, more complex and new financial fraud has risen globally, especially in countries with real- time payment systems, including Thailand. This has led to the enactment of the Emergency Decree on Technology Crime Prevention and Suppression Meas - ures B.E. 2566 (2023) (“2023 Emergency Decree”) in March 2023, which aims to address financial fraud in Thailand swiftly. It requires government and business sectors to actively prevent technological crimes and imposes harsher penalties on those committing such crimes, including financial fraud. As of April 2025, amendments to the 2023 Emergency Decree have been enacted to hold telecoms compa - nies and financial institutions more accountable for cybercrime losses, requiring them to share respon - sibility for scam victims. The law will be applied on a case-by-case basis, and while it seeks to enhance consumer protection, it may not guarantee compen - sation for all victims. The amended 2023 Emergency Decree mandates that financial institutions and tel - ecoms operators must ensure adequate preventive systems are in place, or they will be held financially responsible if consumer losses result from their neg - ligence. This includes the prompt removal of suspi - cious mobile phone messages by network operators and strict verification processes for SIM card registra - tion and opening of bank accounts.
The amended 2023 Emergency Decree emphasises shared responsibility among financial institutions, tel - ecoms companies and consumers. It includes guide - lines for shutting down websites that violate the law and mandates a reliable and transparent verification process. The amended 2023 Emergency Decree also introduces greater penalties for offenders and more liability for financial institutions and telecoms service providers if they neglect or fail to maintain their sys - tems properly. 12.2 Areas of Regulatory Focus According to a report by the BOT, the types and pat - terns of fraud in Thailand that are most commonly found and which have attracted the attention of gov - ernment authorities include the following: • money mule and mule accounts; • phishing (eg, phone scams, voice phishing or smishing); As mentioned in 12.1 Elements of Fraud , Thai law’s main regulations for addressing fraud are the Criminal Code and the 2023 Emergency Decree. A fintech ser - vice provider in Thailand may be held responsible for customer losses due to fraud if it engages in criminal offences or fails to comply with the obligations set forth in the relevant laws and regulations. However, as of the time of writing, there is no specific regulation regarding the amount of compensation, so it will depend on a case-by-case analysis or court judgments. In any regard, relevant authorities in Thai - land, including the BOT and the MDES, are currently drafting legislation to enhance the security of finan - cial institutions’ systems, aiming to close loopholes and prevent fraud on mobile banking platforms. The new regulations will require banks to fully compensate customers for any losses incurred if the banks fail to adhere to the prescribed preventive measures. • identity theft; and • e-wallet hacking. 12.3 Responsibility for Losses
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