Photo Credit: Bangkok Post
The Department of Business Development (DBD) has introduced five new measures aimed at cracking down on the use of nominee accounts in mule operations.
Poonpong Naiyanapakorn, the director-general of the DBD, explained that these initiatives include reviewing high-risk individuals suspected of engaging in money laundering activities.
In collaboration with the Department of Special Investigation and the Anti-Money Laundering Office, the DBD is examining 90,000 entities, with around 40 suspected to be nominees. The audit process is currently ongoing.
The department also plans to link its data with other agencies responsible for monitoring individuals’ financial activities. To assist this effort, the DBD has requested a list of 13.4 million welfare cardholders from the Finance Ministry, as fraudsters often use their names to establish businesses.
Mr. Poonpong stated that if a welfare cardholder’s name is associated with a business registration, the individual will need to present themselves in person and submit a financial statement.
Additionally, the DBD is developing a detection system to monitor high-risk profiles, such as those applying for 10-20 business registrations in a short period or using the same address for multiple companies. Those suspected of suspicious activity will be required to verify their identity and provide financial documents, especially if multiple companies are registered at the same address—then, a confirmation from the household will be necessary. Particular concern will be given if one address is linked to more than five companies.
The department also intends to tighten registration procedures by requiring business owners who use agents for registration to sign documents in the presence of these agents. Agents—including accountants, auditors, audit firms, and law firms—must register with the DBD to handle registration processes. Any agent found submitting documents without the owner’s presence and signature will have their registration revoked.
A public consultation regarding identity verification and agent registration is scheduled for December 9, followed by the issuance of a formal announcement. The full implementation of these measures is expected by December 31, 2025.
Regarding recent nominee investigations, the DBD disclosed that legal proceedings have been initiated in 72 cases, with 448 major businesses currently under detailed review. The department also plans to conduct sector-specific investigations, particularly targeting Thai real estate, which has seen significant foreign investment inflows.