Thailand sets stricter screening for cash transactions from ฿5 million
The rules take effect on 1 November 2026 and require banks to stop transactions when necessary checks cannot be completed.
Banks in Thailand will face stricter requirements for screening cash transactions valued at ฿5 million or above from 1 November 2026, the Bank of Thailand (BOT) said. The regulations are part of Thailand’s efforts to combat illicit funds.
Under the rules, banks must evaluate the risk posed by customers. They can seek supporting documents or information explaining the origin of money and its intended use. Transactions that prompt concern may need enhanced due diligence, and banks cannot carry them out without completing the required checks.
The scope includes deposits made in cash, exchanges involving Thai baht banknotes, and cheque or draft deposits whose funding origins are unclear. Cash used to purchase cheques or drafts is also covered, as are foreign currency transactions and payments towards insurance premiums, investment products and financial derivatives.
Separate identification requirements apply to certain branch transactions by people who have no existing banking relationship. The thresholds are ฿2 million for specified cash-related transactions and ฿500,000 for foreign currency transactions. Electronic banking access will be unaffected.
Financial institutions must retain suitable records, watch for unusual activity and notify the BOT of relevant cases. They must also offer affected customers assistance that is fair and timely. The measures align with the Bangkok Blueprint for Fraud-Resilient Financial Services, which the BOT developed with the International Monetary Fund and World Bank Group.
