Thailand will require individuals depositing more than 5 million baht in cash, or about $150,000, to verify the source of funds, according to local media cited by ChainCatcher. The measure expands compliance duties for commercial banks across cash networks, large currency-exchange transactions, precious metals trading, and suspicious stablecoin activity. Thai authorities said the step is aimed at stopping regulated entities from facilitating systemic corruption or the shadow economy. At the same time, the Bank of Thailand and the Securities and Exchange Commission are carrying out joint audits with a focus on Tether’s USDT to identify and block illicit fund flows. The broader crackdown also tightens oversight of precious metals transactions, with banks required to report suspicious patterns such as rapid digital purchases followed by same-day physical withdrawals as part of anti-money laundering efforts.
Thailand moves to tighten scrutiny on large cash deposits
Thailand will require individuals depositing more than 5 million baht in cash, about $150,000, to verify the source of funds, according to local media cited by ChainCatcher.
Compliance duties for banks are being expanded
The measure broadens compliance responsibilities for commercial banks in cash networks, large currency-exchange transactions, precious metals trading, and suspicious stablecoin activity. It is intended to prevent regulated entities from enabling systemic corruption or the shadow economy.
Bank of Thailand and SEC are auditing USDT-related flows
The Bank of Thailand and the Securities and Exchange Commission are also conducting joint audits focused on Tether (USDT) to identify and stop illicit fund movements.
Precious metals trades face closer monitoring
The crackdown includes tighter controls on precious metals transactions. Banks will be required to report suspicious patterns, including rapid digital purchases and same-day physical withdrawals, as part of anti-money laundering efforts.
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