Bank of Thailand issues new rules on cash transactions of THB5m or more
Financial institutions must carry out enhanced customer checks for large cash transactions at branches from November 1, without affecting electronic services.
- Effective November 1, 2026, the Bank of Thailand will require new risk management rules for cash transactions of THB 5 million or more within a single day.
- Financial institutions must conduct enhanced due diligence (EDD) on these large transactions, such as asking for the source of funds, the purpose of the transaction, or supporting documents.
- The rules apply to various cash-based activities at physical branches, including deposits, currency exchanges, and payments for financial products, but do not affect transactions via electronic channels.
- The new measures are intended to combat "grey money," improve financial transparency, and require institutions to report suspicious activities to the central bank.
Bank of Thailand (BOT) governor Vitai Ratanakorn said the central bank was focused on preventing problems involving grey money and improving transparency and security in Thailand’s financial system.
The BOT has therefore issued a notification setting out risk management requirements for financial institutions’ cash-related transactions.
The rules take effect on Sunday (November 1, 2026) and strengthen oversight of cash deposits of THB5 million or more within a single day.
Financial institutions must conduct enhanced due diligence (EDD) on customers according to their risk levels, for example by asking about the source of funds or the purpose of transactions, or requesting supporting documents.
The rules apply only to transactions conducted at branches and will therefore not affect customers using electronic channels.
The scope also extends to other cash transactions worth THB5 million or more.
These include cheque or draft deposits, exchanges of baht banknotes, the receipt of cash to issue cheques or drafts, the purchase, sale or exchange of foreign currencies, and the receipt of payments for insurance premiums, investment products or financial derivatives.
Financial institutions that detect unusual transactions or transactions inconsistent with a customer’s normal behaviour must report them to the BOT to prevent institutions from being used as channels for offences or illegal activities.
They must also give due consideration to customer convenience and have arrangements to assist affected customers promptly and fairly.
These principles are in line with the Bangkok Blueprint for Fraud-Resilient Financial Services, which the BOT initiated and promoted jointly with the International Monetary Fund (IMF) and the World Bank Group to strengthen the financial sector’s ability to prevent and respond to fraud.
