Thai banks ordered to step up checks on daily cash dealings of ฿5 million
The requirements take effect on November 1 at physical branches, while electronic transactions are excluded.
The Bank of Thailand has instructed financial institutions to conduct enhanced checks at physical branches when a customer's cash transactions total at least ฿5 million in a day. The rules take effect on November 1.
For cash deposits reaching that daily threshold, institutions must establish where the money came from, determine why it is being deposited and review the customer's documentation.
The checks also cover Thai baht banknote exchanges, purchases of cheques or drafts, foreign currency exchanges, insurance payments, investment products and derivatives.
The central bank said the requirements aim to prevent criminals from using bank branches and accounts. Financial institutions must report transactions they consider suspicious to the Bank of Thailand. Electronic transactions are outside the measure's scope.
