Bangkok:The Bank of Thailand has announced new regulations to tighten controls on cash deposits of 5 million baht or more, aimed at curbing illicit funds, effective November 1st.

According to Thai News Agency, the Bank of Thailand has mandated that financial institutions verify cash deposits of 5 million baht or more made through branches. These regulations will extend to other transactions, including check deposits, currency exchange, and payments for financial products, with the new rules coming into effect on November 1, 2026.

Mr. Witai Rattanaporn, Governor of the Bank of Thailand, emphasized that the bank's priority is to prevent illicit funds and enhance the transparency and security of the Thai financial system. Consequently, the BOT issued Announcement No. 57/2569, which outlines Risk Management Guidelines for Cash-Related Transactions for Financial Institutions, effective from November 1, 2026. These guidelines require rigorous Electronic Data Disclosure (EDD) for transactions exceeding 5 million baht, such as inquiries about the source and purpose of funds or requests for supporting documents, based on the customer's risk level. The guidelines apply only to branch transactions, not affecting electronic channel access.

The scope of these regulations has been expanded to include cash transactions of 5 million baht or more, covering check deposits, currency exchange, and payments for insurance premiums, investment products, or financial derivatives. Financial institutions must report any unusual or inconsistent transactions to the Bank of Thailand to prevent misuse for illegal activities. Additionally, institutions are encouraged to provide appropriate customer convenience and have procedures to assist affected customers promptly and fairly.

This initiative aligns with the Bangkok Blueprint for Fraud-Resilient Financial Services, which the Bank of Thailand developed in collaboration with the International Monetary Fund and the World Bank Group to enhance fraud prevention in the financial sector.