Summary · why it matters
The Bank of Thailand, together with financial business operators under its supervision and 11 associations, announced a declaration of intent and a proactive cooperation framework to prevent illicit transactions in the financial sector, known as the Framework for Safeguarding the Financial Sector from Illicit Activities, at a press conference titled "One Intent, United Strength, Protecting Thailand's Financial Sector" on September 10, 2026. Mr. Vitai Ratanakorn, Governor of the Bank of Thailand, said the signing was not merely an MOU or a symbolic gesture, but an agreement with a clear commitment that all parties must genuinely act to raise supervisory standards. The 11 bodies that jointly drafted the cooperation framework are the Thai Bankers' Association, the Association of International Banks, the Government Financial Institutions Association, the Thai E-Payment Association, the Thai Foreign Exchange and Financial Services Association, as well as six associations and clubs of non-bank lenders. They will jointly raise the level of KYC, CDD and EDD, scrutinize high-risk cash transactions, deploy advanced technology to proactively detect abnormal transactions, develop a database of high-risk individuals and connect it to the Central Fraud Registry, produce industry AML/CFT manuals, and use community networks to build financial immunity for vulnerable groups. Mr. Vitai also disclosed that past measures have begun to show concrete results. Requiring that cash withdrawals exceeding 5 million baht undergo screening and verification reduced cash withdrawals in the portion above 5 million baht from about 100 billion baht a month to about 4 billion baht. Meanwhile, supervision of withdrawals and online gold trading above 50 million baht, or gold bars above 2 kilograms, cut such gold withdrawals by about 70 percent. He expects that in October 2026, a measure will take effect requiring those depositing 5 million baht or more in cash to explain the source of funds and provide evidence. At the same time, the Securities and Exchange Commission is in the process of holding a public hearing on regulatory criteria for USDT, with an announcement expected in the next few months. For the next phase, the Bank of Thailand is preparing to upgrade cooperation among five key agencies, namely the Bank of Thailand, the Securities and Exchange Commission, the Anti-Money Laundering Office, the National Anti-Corruption Commission, and the Royal Thai Police, in order to exchange information systematically and across the whole country.
