The Bank of Thailand will require financial institutions to conduct enhanced checks on branch cash deposits totaling at least 5 million baht in a day from Nov. 1, expanding oversight of large cash transactions.
The checks are mandatory for deposits that meet the threshold. Depending on a customer’s risk, an institution may ask where the money came from, why it is being deposited and for documents supporting the answers. Institutions must report suspicious transactions to the central bank.
The measure applies to transactions at physical branches, not electronic transactions. It also covers deposits of cheques or drafts, exchanges of Thai baht banknotes, cash received to issue cheques or drafts, and buying, selling or exchanging foreign currency. Insurance premiums, payments for investment products and financial derivatives transactions are also covered at the threshold.
The central bank said the expanded checks are intended to prevent financial institutions from being used for criminal activity. It also instructed institutions to provide fair and prompt assistance to affected customers.
The move follows checks on cash withdrawals of at least 5 million baht that began in April 2026. In its earlier notice, the central bank said cash can be difficult to trace. The deposit rule extends scrutiny to money entering branches as well as large withdrawals.
Bank of Thailand Governor Vitai Ratanakorn said in a Sept. 3 speech that withdrawals at the threshold had fallen 52% since the earlier measures took effect. The expanded requirements begin Nov. 1.
