Thai Regulators Launch Unified Crackdown on Scammers and Transnational Dirty Money

 

BOT, SEC, and SET align to combat 'grey capital,' tighten gold transaction controls, and prepare forex rules to manage baht strength amid surge in cybercrime.

 

Three of Thailand’s most powerful financial organizations—the Bank of Thailand (BOT), the Securities and Exchange Commission (SEC), and the Stock Exchange of Thailand (SET)—have announced a concerted, unified strategy to suppress 'grey capital,' tackle transnational money laundering, and crack down on online scammers.

 

The regulatory push is designed to counter a rising tide of technology-based financial crime and to shore up the stability of the Thai financial market.

 

The Bank of Thailand is focusing its efforts on tightening control over foreign exchange and gold markets.

 

Chayawadee Chai-anant, assistant governor and BOT spokesperson, confirmed on Thursday that the central bank is consulting with the Ministry of Finance to amend Ministerial Announcements.

 

A key proposal involves raising the threshold for bringing US dollars back into the country to $10 million, an action intended, in part, to help manage the appreciation of the Thai baht.

 

 

Crucially, the BOT is also demanding greater transparency from the gold sector. It is requesting that gold shops report all transactions—whether conducted online or in-store—to give the BOT a clearer picture of money trails.

 

This enhanced scrutiny will extend to gold imports and exports, requiring comprehensive reporting on the currency used for settlement, including any payments made via cryptocurrency.

 

The BOT has already advised commercial banks to intensify checks on gold-related transactions, requiring rigorous inspection of all necessary documentation, customs declarations, and underlying purchase and sale records.

 

 

The Securities and Exchange Commission is spearheading efforts to block cybercrime and illicit fund flows within the capital market.

 

 

Pornanong Budsaratragoon, SEC secretary-general, disclosed that the commission has established close coordination with the Anti-Money Laundering Office (AMLO) to expedite the seizure and freezing of assets belonging to tech crime networks.

 

The two bodies are working to overhaul relevant laws and regulations to boost their investigative efficacy.

 

This includes adopting measures such as the 'Travel Rule,' enhancing verification of the Ultimate Beneficial Owner (UBO), and formalizing stricter Know Your Customer (KYC) and Customer Due Diligence (CDD) standards.

 

These changes are intended to equip the SEC with greater power to investigate corporate takeovers and allow AMLO to more effectively combat money laundering.

 

The SEC is also upgrading its surveillance tools to more accurately trace financial movements and is maintaining strict checks on shareholder structures, M&A processes, and Tender Offers.

Thawatchai Pittayasophon, deputy secretary-general of the SEC, reiterated the importance of public disclosure mechanisms like Form 246-2 for reporting significant shareholding changes.

 

He warned that any individual or group acquiring shares that reach or exceed the 25%, 50%, or 75% voting thresholds is legally obligated to make a mandatory tender offer for all securities.

 

Furthermore, Jomkwan Kongsakul, deputy secretary-general of the SEC, addressed the conversion of Thai baht into crypto via unauthorised foreign platforms and local operators.

 

 

The SEC, in collaboration with the Ministry of Digital Economy and Society, has been blocking access to non-licensed foreign platforms and pursuing legal action against those who solicit illegal services.

 

The SEC is also integrating data with banks, operators, and the police to swiftly block transactions involving "mule accounts."

 

 

Regarding the recent decision by AMLO to freeze shares in Bangchak Corporation (BCP) as part of a scam investigation, Asadej Kongsiri, president of the SET, confirmed that the exchange is fully cooperating with the authorities.

 

Asadej stressed that the freezing of BCP shares would not impact the company's free float or overall market liquidity.

 

He noted that the frozen shares were not regularly traded and that BCP's free float remains high at approximately 50.6%, with institutional investors holding the majority.

 

He defended the Thai stock market's rigorous KYC standards, which align with SEC and AMLO requirements, but acknowledged that isolated cases of misconduct can erode public trust.

 

He called upon the government to act quickly to resolve the cases and provide continuous updates to maintain market confidence.