Thailand implements stricter oversight for cash transactions over 5 million baht

The Bank of Thailand has introduced new regulations, effective November 1, 2026, requiring enhanced due diligence for cash transactions of 5 million baht or more at physical bank branches. These measures target high-value activities including cash deposits, currency exchanges, cheque and bank draft transactions, and payments for insurance premiums or investment products.

Under the new rules, financial institutions must scrutinize the source and purpose of funds, potentially requesting supporting documentation based on a customer’s risk profile. Banks are also required to report transactions that appear unusual or inconsistent with a customer’s typical financial activity.

Bank of Thailand Governor Vitai Ratanakorn stated the measures aim to tackle illicit funds and improve transparency within the national financial system. The regulations do not apply to electronic banking channels or mobile app transfers. This initiative aligns with the Bangkok Blueprint for Fraud-Resilient Financial Services, a project developed in cooperation with the International Monetary Fund and the World Bank Group.