Bank of Thailand rolls out tough measures to curb grey capital and money laundering, controls deposits and withdrawals of 5 million baht and above

RegulationDigital Finance
โดย Kaohoon·TH·Read original
Summary · why it matters

The Bank of Thailand, under the leadership of Governor Vitai Ratanakorn, has unveiled a historic structural strategy by tightening oversight of the financial system to block grey capital, money laundering networks and corruption. Under the rules, cash deposits or withdrawals of 5 million baht and above must be accompanied by documents explaining the source of the funds, and financial institutions have the power to reject a transaction immediately if the source cannot be proven. The measures also close loopholes in the conversion of cash into high-value assets such as gold, foreign currency and digital assets like USDT, and extend oversight to non-bank groups, electronic payment service providers and lending service providers. The central bank has also declared war on mule accounts, introducing risk grading for suspicious accounts and cross-institutional data linkage through the Central Fraud Registry, or CFR, along with measures to silence mules by immediately suspending all electronic transactions for anyone involved in wrongdoing across every account and every financial institution. It is also upgrading know-your-customer, customer due diligence and enhanced due diligence processes, setting transfer limits for vulnerable groups, requiring facial scans when transfers exceed a set threshold, limiting mobile banking to one device per user account, and adding protection against remote-control applications. All of this is integrated with cooperation from 11 financial associations, the Securities and Exchange Commission, the Anti-Money Laundering Office and the cyber police through the establishment of a Fraud and Risk Working Group, along with a declaration of the principle of shared responsibility that requires financial institutions to share compensation for damage to the public if they are found to have been negligent or to have failed to meet the security standards set by the Bank of Thailand.

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