The Bank of Thailand (BoT) is expanding its efforts to disrupt illicit financial flows, bringing together 11 financial-sector agencies to make it harder for criminal proceeds to move through the country's financial system.
The initiative covers commercial and state-owned banks, foreign banks, non-bank institutions, payment providers and money changers. It builds on earlier measures targeting mule accounts, with the BoT now focusing on how illicit funds are transferred, withdrawn and converted into other assets.
Online gambling, fraud, corruption and other illegal businesses are among the activities being targeted. Authorities have identified increasingly complex methods involving multiple bank transfers followed by withdrawals or conversions into foreign currency, gold or digital assets.
One measure monitors gold withdrawals worth THB10m (US$300,901) or more, with relevant information shared with police and the Anti-Money Laundering Office. Monthly requests for large gold withdrawals have subsequently fallen from around THB20bn to THB3bn.
Foreign-currency transactions exceeding THB800,000 are also restricted as part of efforts to reduce the movement of illicit funds into digital assets. The BoT is separately working with Thailand's Securities and Exchange Commission on transactions involving UST and stablecoins.
The framework will also strengthen Know Your Customer, Customer Due Diligence and Enhanced Due Diligence requirements, particularly for accounts showing irregular transaction patterns.
Greater data sharing between financial institutions, regulators and law enforcement will form another part of the initiative, with payment providers also planning tighter merchant verification and fraud detection measures.
The changes come as financial crime remains a significant issue in Thailand. More than 1.9 million technology-related crime cases were reported between January and July, resulting in losses of approximately THB9bn.
The BoT's approach is intended to create additional barriers throughout the financial chain, making it more difficult to deposit, transfer, withdraw or convert proceeds linked to illegal activity.
Thailand recorded more than 1.9 million technology-related crime cases between January and July
