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Thailand Tightens Checks on Cash Transactions of 5 Million Baht or More

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Thailand Tightens Checks on Cash Transactions of 5 Million Baht or More

Thailand is expanding its crackdown on illicit funds, introducing stricter checks on cash transactions of 5 million baht (US$148,000) or more.

According to the Bank of Thailand (BOT), the new regulations will take effect on 1 November 2026.

The rules cover cash deposits, exchanges of Thai baht banknotes and deposits of cheques or drafts with unclear sources of funds.

They also extend to cash payments for issuing cheques or drafts, foreign currency transactions and payments for insurance premiums, investment products and financial derivatives.

Banks must assess customers’ risk levels and may request information about the source and purpose of funds or supporting documents.

Transactions that raise concerns may require enhanced due diligence (EDD). Banks must not proceed if they cannot complete the necessary checks.

Financial institutions must also monitor unusual transactions and report relevant cases to the BOT.

The regulations introduce separate identity verification requirements for certain transactions involving people without an existing banking relationship.

These include specified cash-related transactions worth 2 million baht (US$59,200) or more and foreign currency transactions of at least 500,000 baht (US$14,800).

The requirements apply to transactions conducted at bank branches and will not affect access to electronic banking services.

Banks must also maintain appropriate records and provide fair and timely assistance to affected customers.

The measures align with the Bangkok Blueprint for Fraud-Resilient Financial Services, developed by the BOT alongside the International Monetary Fund and World Bank Group.

Featured image: Edited by Fintech News Singapore, based on image by BOT 



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