Going forward, large cash deposits or transactions through banks may require more detailed explanations. The Bank of Thailand (BOT) has upgraded its risk management criteria for cash-related transactions to prevent financial institutions from being used for money laundering or illegal activities. BOT Announcement No. 57/2569 will take effect from 1 November 2026. Thairath Money summarizes the key points of the latest announcement as follows: "bank of thailand" should be capitalized as Bank of Thailand (BOT) since it is an institution's official name.
1. Transactions of 5 million baht or more must undergo rigorous scrutiny.
Financial institutions must conduct Enhanced Due Diligence (EDD) based on risk levels, such as inquiring about the source of funds, the transaction's purpose, and requesting supporting documents. This does not mean every transaction will be rejected, but banks may require additional information to assess risks.
2. The scope covers more than just cash deposits.
The criteria apply to various types of transactions valued at 5 million baht or above, including cash deposits, check or draft deposits, exchanging Thai banknotes, receiving cash to issue checks or drafts, foreign currency trading or exchange, as well as payments for insurance premiums, investment products, and financial derivatives.
3. Applies to transactions conducted through bank branches.
This measure targets transactions carried out via bank branches and does not affect electronic channels as specified by the BOT. However, customers should be prepared with relevant information or documents if banks request them for verification.
4. Suspicious activities must be reported to the BOT.
If any transactions are deemed irregular or inconsistent with the customer's behavior, financial institutions must report them to the BOT and promptly and fairly manage affected customers.
This measure is part of efforts to enhance the safety and transparency of Thailand's financial system, aligning with the Bangkok Blueprint for Fraud-Resilient Financial Services promoted by the BOT in collaboration with the International Monetary Fund (IMF) and the World Bank Group to strengthen the financial sector's capacity to prevent and address fraud.
In summary, from 1 November 2026 onwards, individuals conducting high-value transactions through bank branches should be prepared to explain the origin and purpose of funds if requested. Banks will use this information alongside risk levels to monitor and prevent potentially illicit transactions.
Source: Bank of Thailand
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