Thailand freezes millions of bank accounts in anti-scam crackdown, disrupting businesses

Thai authorities have frozen over 3 million bank accounts in a crackdown on online scams, and the Bank of Thailand (BoT) warned that additional accounts could be affected as investigations continue.

The freeze targets accounts linked to “mule accounts” used to launder money from phishing, fake investment schemes and call-center fraud. The Anti-Online Scam Operation Centre (AOC), working with commercial banks, is tracing transactions to return stolen funds to victims.

“Only accounts that received money from mule accounts have been frozen,” said Daranee Saeju, BoT assistant governor for consumer protection. She added that the scope of freezes may expand as investigations deepen. The BoT is coordinating with banks to adjust freezing and unfreezing procedures to limit the impact on legitimate account holders.

The measures have disrupted operations for small and medium-sized enterprises (SMEs), expatriates and other account holders. Technical errors, such as delayed end-of-day transaction updates on Sept. 1 and police-ordered freezes sometimes caused negative balances. Banks have been instructed to compensate affected clients and clarify disputed cases directly.

Temporary suspensions generally only affect flagged amounts, while permanent closures happen only when accounts are confirmed as mule accounts under police and court orders. Recent investigations have expanded to include e-money and digital assets.

Businesses and individuals facing temporary blocks can contact the AOC hotline (1441, press 2) for quick verification and release. Funds can be restored within hours to a day if no irregularities are found. For serious mule accounts, investigations may last up to 10 days.

Companies operating in Thailand are advised to monitor accounts closely and keep clear transaction records to resolve any freezes quickly.