BOT blocks gray money: cash deposits >5M require proof from Oct

Thansettakij•Economy•10d ago

Reader Briefing

The Bank of Thailand and 11 industry associations have agreed to tighten financial transaction oversight to combat illegal activities.

•The Bank of Thailand collaborated with 11 associations to set a unified standard for monitoring financial transactions across the industry.
•Starting around October, individuals depositing cash of 5 million baht or more must provide evidence of the funds' origin.
•The Bank of Thailand is cooperating with the SEC to regulate the transfer and trading of USDT digital assets.

Overview

•The Bank of Thailand and 11 associations signed a joint declaration to block illegal transactions including online gambling, scammers, and corruption.
•The Bank of Thailand expanded oversight standards to include state banks, payment gateways, foreign currency exchange providers, and non-banks.
•The Bank of Thailand serves as a central hub for sharing transaction data of wrongdoers among financial institutions to prevent risks such as nominee accounts in tourist provinces.
•A measure requiring documentation for cash deposits of 5 million baht or more is expected to be enforced around October.
•Previous oversight measures led to a significant decrease in cash withdrawals exceeding 5 million baht and a 70% drop in high-value gold bar withdrawals.
•The Securities and Exchange Commission is conducting a hearing to issue rules on international USDT transfers and immediate trading to avoid normal transfer processes.
•The Bank of Thailand is preparing to upgrade cooperation between the Bank of Thailand, the SEC, AMLO, NACC, and the Royal Thai Police.

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Key Quotes

Vitai Rathanakorn

"If evidence of the source cannot be presented, financial institutions will not allow such cash to enter the system to force gray money out of the system."

หากไม่สามารถแสดงหลักฐานแหล่งที่มาได้ สถาบันการเงินจะไม่ยินยอมให้นำเงินสดก้อนดังกล่าวเข้าสู่ระบบ เพื่อบีบให้เงินเทาต้องไปอยู่นอกระบบและเปิดโอกาสให้เจ้าหน้าที่ติดตามปิดช่องทางต่อไป

Key Entities

Person

Vitai Rathanakorn(วิทัย รัตนากร)

Governor of the Bank of Thailand.

Organization

Bank of Thailand(ธนาคารแห่งประเทศไทย)ℹ️

The central bank of Thailand that coordinates with financial institutions to block illegal transactions.

Securities and Exchange Commission(สำนักงานคณะกรรมการกำกับหลักทรัพย์และตลาดหลักทรัพย์)ℹ️

An agency collaborating with the Bank of Thailand to regulate digital assets, specifically USDT.

Anti-Money Laundering Office(สำนักงานป้องกันและปราบปรามการฟอกเงิน)

One of the five main agencies involved in the Bank of Thailand's next phase of cooperation.

National Anti-Corruption Commission(สำนักงานคณะกรรมการป้องกันและปราบปรามการทุจริตแห่งชาติ)

One of the five main agencies involved in the Bank of Thailand's next phase of cooperation.

Royal Thai Police(สำนักงานตำรวจแห่งชาติ)ℹ️

One of the five main agencies involved in the Bank of Thailand's next phase of cooperation.