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Thailand Requires Individuals to Provide Proof of Source for Cash Deposits Exceeding 5 Million Baht and Strengthens Monitoring of USDT Transactions
Svmuu News: Thailand will require individuals to verify the source of funds when depositing more than 5 million baht—approximately $150,000—in cash. This measure expands commercial banks’ compliance responsibilities regarding cash networks, large-scale currency exchanges, precious metals transactions, and suspicious stablecoin transactions. The Bank of Thailand and the Securities and Exchange Commission are conducting joint audits, focusing on USDT, to identify and block illicit fund flows. The initiative also includes tightening controls on precious metal transactions and requiring banks to report suspicious patterns—such as rapid digital purchases followed by same-day physical withdrawals—to combat money laundering.
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