The Bank of Thailand requires that individuals with personal cash deposits over 5 million Thai baht provide proof of source, and strengthens monitoring of stablecoin transactions

BlockBeats news, July 13, according to local Thai media reports, Thailand will require individuals to verify the source of funds when depositing cash exceeding 5 million baht (about $150k). The intervention expands the compliance responsibilities of commercial banks in areas including cash networks, wholesale currency exchange, precious metals trading, and suspicious stablecoin transactions, directly preventing regulated entities from facilitating systemic corruption or the shadow economy.

In addition, the Bank of Thailand and the Securities and Exchange Commission (SEC) have jointly conducted audit work, focusing on Tether (USDT) to identify and stop illegal fund flows. The crackdown also includes strengthening control over precious metals trading, requiring banks to report suspicious patterns, such as rapid digital purchases and same-day physical cash withdrawals, to combat money laundering activities.