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It is undeniable that technology has become a part of our daily life. With this convenience, we decided to do transactions via smartphones rather than in cash. However, this convenience is often accompanied by common flaws, such as the bank app crash. This has become a big problem for users like us to complain about.
Lately, the Bank of Thailand announced the penalty for banks that provide services via mobile banking. If the bank apps crash for more than 8 hours a year, a fine of up to 500,000 baht/time. In more detail, ACU PAY will briefly explain to you.
The Government Gazette has published the Notification of the Bank of Thailand (BOT) or the National Bank on The information technology risk regulations of financial institutions and specialized financial institutions are in effect after the announcement in the Government Gazette. For financial institutions and specialized financial institutions that provide services through mobile banking channels before this announcement is effective, the regulations for mobile banking systems must be implemented under Article 8 paragraph 1 by January 1, 2024.
According to Article 8, the administration of a system that supports mobile banking services by financial institutions and specialized financial institutions in one calendar year, financial institutions and specialized financial institutions that provide financial services through mobile banking must ensure that the information technology system provides services continuously and is not interrupted for more than 8 hours, as well as ensuring that the system is restored to service quickly.
The Bank of Thailand added that the announcement covers all IT governance and operations of financial institutions and specialized financial institutions to ensure appropriate risk management for IT operations, as well as the security of IT systems following international standards.
Currently, there is a continuous increase in mobile banking subscribers. If problems arise, they may not be able to make transactions. The announcement and requirements are in line with international regulations.
This announcement was made under the authority of the Financial Institutions Business Act B.E.2551 where financial institutions do not comply with the BOT regulations. BOT can carry out within the scope of authority that the Act provides such as ordering corrective action, considering penalties to be adjusted according to the rate set by the law, etc.
If the bank’s mobile banking system crashes or collapses for more than 8 hours a year, the punishment begins with warnings and corrective actions, and the maximum penalty is a fine of up to 500,000 baht per time. If the amendment is not implemented, the fine will be increased by 5,000 baht per day, under the Financial Institution Business Act B.E. 2551.
According to the Bank of Thailand’s website, the latest information technology failure by commercial banks in the third quarter of 2023 included a total of four failures with a total duration of 4 hours; Siam Commercial Bank (SCB) 2 times for 1 hour, TTMBThanachart Bank (TMB) 1 time for one hour, and Bangkok Bank 1 time for less than one hour.
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