BoT reports rampant spread of financial crimes

By k on July 30, 2009

BANGKOK, 30 July 2009 (NNT) – The Bank of Thailand (BoT) and the Ministry of Information and Communication Technology will cooperate in combating illegal loans being issued via SMS.

Legal Director of the BoT, Weerachart Sriboonma, said that illegal loaning was once again on the rise with the help of mobile messaging technology which allowed loaners to more easily communicate with debtors. The bank has initiated coordination with the ministry to implement control over the situation.

Apart from the problem of illegal loans, the BoT has also found a rash of credit card forgeries and attempts at identity theft through a variety of methods. Perpetrators of the crimes span both domestic and international criminals and many have been reported to use aggressive debt collection tactics. The central bank reminds that illegal loaning is punishable with 2 to 5 year prison sentences and 100,000 to 500,000 baht fines.

The Ministry of Justice is currently pushing for a new act controlling credit card businesses to come into effect in the next 6 months, in the hope of providing more authority to officials to counteract transgressions.

IBANK helps relieve credit card debts BANGKOK, 14 December 2009 (NNT) – The Islamic Bank of...
Bangkok Bank “TAT Card” released as a tourism stimulus BANGKOK, 20 January 2010 (NNT) – The Tourism Authority of...
Siam Commercial Bank still stays in healthy financial status in 3rd quarter 2009 BANGKOK, 26 October 2009 (NNT) – The Bank of Thailand...
Thailand’s central bank requires financial institutions to justify loan rejections BANGKOK, Jan 22 (TNA) – Bank of Thailand (BoT) Assistant...
Credit card usage on the rise BANGKOK, 10 January 2010 (NNT) – The Bank of Thailand...

Related posts brought to you by Yet Another Related Posts Plugin.

Readers Comments

Business News »

Loan clients urged to be well-prepared for higher finance costs

July 16, 2010

BANGKOK, July 16 – Loan customers, particularly small- and medium-size enterprises (SMEs), must have well-prepared business plans to cope with higher financial costs in the face of an upward interest trend, according to the Kasikorn Research Center (KRC), a leading Thai financial think tank. Kasikorn said that major domestic commercial banks had begun raising the [...]

Bank And Finance »

Commercial banks announce hikes in interest rates on fixed deposits

July 16, 2010

BANGKOK, 16 July 2010 (NNT) —Interest rates on fixed deposits and lending rates have been hiked by financial institutions following the hike in the policy rate by the Central Bank. Krungthai Bank has announced its fixed deposit interest rate hike of 0.25-0.35%, while key lending rates would be increased by 0.125-0.15%, effective today. Siam Commercial [...]

General News »

Summary of the 9th APEC Energy Meeting

July 12, 2010

Thai delegates led by Minister of National Resources and Environment, Suwit Khunkitti, along with international counterparts from 20 countries attended the 9th Asia-Pacific Economic Cooperation (APEC) Energy Ministerial Meeting in Fukui, Japan on 19 June 2010. During the summit, a speech on the “Low Carbon Paths to Energy Security: Cooperative Energy Solutions for a Sustainable [...]

Economy »

4 Govt agencies cooperate to promote Thai investment abroad

July 12, 2010

BANGKOK, 12 July 2010 (NNT) – The Office of Thailand Trade Representative (TTR) joins force with three financial institutions to promote Thai investments abroad, with operators in various business groups showing keen interest in the project. TTR along with SME Bank, EXIM Bank and the Government Pension Fund (GPF) announced their cooperation in credit support [...]

Energy »

Moody´s chops down PTT´s credit

June 29, 2010

BANGKOK, 29 June 2010 (NNT) – An international credit rating firm, Moody’s Investors Service, has lowered the creditworthiness of Thai petroleum giant PTT Plc from A2 to A3 with a negative outlook. Moody’s Investors Service has changed the local currency issuer rating for PTT Plc from A2 stable to A3 negative while the foreign currency [...]

Politics »

One month needed for Interpol consideration over Thaksin´s case

July 16, 2010

BANGKOK, 16 July 2010 (NNT) – A nod from the Paris-based international police intelligence-sharing association, Interpol, over case of self-exiled ex Prime Minister Thaksin Shinawatra should be known within one month. Police Maj-General Terdsak Rujirawong, Commander of the Royal Thai Police Foreign Affairs Division, said on Friday that an arrest warrant on terrorism charge issued [...]