Bank of Thailand tightens controls on grey money and mule accounts

MGR Online•Economy•21d ago

Reader Briefing

The Bank of Thailand is implementing strict financial measures to block illegal money movements through mule accounts, USDT, and payment services.

•The Bank of Thailand is elevating KYC, CDD, and EDD standards to prevent the creation of mule accounts.
•Suspicious transactions involving foreign currency and USDT totaling hundreds of billions of baht were detected over 4–5 months.
•Large cash withdrawals have decreased by over 50%, and gold withdrawals exceeding 2 kilograms have dropped by over 70%.
•The Bank of Thailand plans to prohibit payment service providers from serving grey capital groups and online gambling websites.

•The Bank of Thailand is enhancing customer verification through KYC, CDD, and EDD to prevent groups of people from opening mule accounts.
•The Bank of Thailand and the Anti-Money Laundering Office have defined 24 patterns of suspicious financial behavior to help financial institutions detect risks faster.
•Transactions involving the conversion of money into foreign currencies and USDT showed abnormal volumes totaling hundreds of billions of baht over the past 4–5 months.
•Large cash withdrawals under monitoring measures decreased from approximately 100,000 million baht per month to approximately 50,000 million baht per month.
•Gold withdrawals via applications exceeding 2 kilograms decreased by more than 70% following increased tracking and reporting measures.
•Withai Rattanakorn stated that the Bank of Thailand aims to create 'bottlenecks' to increase the difficulty of moving illegal funds.
•The Bank of Thailand prepares to publish a notification in the Royal Gazette next week to prohibit payment providers from serving grey capital and online gambling sites.

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Bank of Thailand(ธปท.)ℹ️

The central bank implementing measures to block grey money and regulate payment services.

Joint Standing Committee on Commerce, Industry and Banking(คณะกรรมการภาคเอกชนร่วม 3 สถาบัน (กกร.))

The organizer of the Dinner Talk 'Zero Corruption: From Policy to Action'.

Anti-Money Laundering Office(สำนักงานป้องกันและปราบปรามการฟอกเงิน (ปปง.))

The agency that collaborated with the Bank of Thailand to define 24 patterns of suspicious financial behavior.

Securities and Exchange Commission(สำนักงานคณะกรรมการกำกับหลักทรัพย์และตลาดหลักทรัพย์ (ก.ล.ต.))ℹ️

The agency collaborating with the Bank of Thailand after abnormal USDT transactions were found.

Withai Rattanakorn(วิทัย รัตนากร)

The Governor of the Bank of Thailand.