The Thai Bankers' Association (TBA) is working to set up the Central Fraud Registry to probe financial fraud in the banking industry.
The registry is under the supervision of National ITMX Ltd (NITMX), a digital payment infrastructure system provider under the TBA.
NITMX will take time to study the new unit's formation, said TBA chairman Payong Srivanich.
He said the Central Fraud Registry would be a new inspection entity in addition to the existing Thailand Banking Sector Computer Emergency Response Team (TB-CERT), a group of financial institutions under the TBA.
TB-CERT focuses on cybercrimes in the banking industry, while the Central Fraud Registry will concentrate on financial fraud in the banking system, said Mr Payong.
The TBA did not set a time frame for the establishment of the new entity, saying a feasibility study and project details will dictate the timeline, he said.
Financial fraud is widespread in the Thai banking sector. One popular tactic is fraudsters use nominees to open deposit accounts and conduct suspicious transactions for them.
In related news, the Digital Economy and Society (DES) Ministry is drafting tougher measures to suppress and prevent cybercrimes, including a plan to take swift action against such fraud deposit accounts that transfer obtained money.
The ministry is expected to propose the draft to the cabinet for approval soon.
Mr Payong said the DES Ministry, the Department of Special Investigation, the Royal Thai Police, the Bank of Thailand, the TBA, telecom firms and others will collaborate to prevent and solve cybercrimes and financial fraud.
In a separate matter, he said following a meeting of the Joint Standing Committee on Commerce, Industry and Banking on Wednesday that exporters raised concerns about the stronger baht against the dollar amid the slowdown of export growth this year.
For 2023, the baht has been the strongest currency against the greenback in the region.
The baht's appreciation mainly stemmed from a weaker dollar, while the Thai economy should benefit from Chinese tourist arrivals after China's reopening, said Mr Payong.
This is a sign of hot money flowing into the Thai bond market, mainly for three-month local debentures, he said.
Industry leaders cannot determine whether foreigners investing in short-term bonds want to gain from baht speculation or are merely looking for a place to park their money while searching for other investment alternatives, said Mr Payong.
The Bank of Thailand is expected to monitor the capital flows, he said.
