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Thailand’s central bank to tighten control over large cash withdrawals

The central bank of Thailand will require financial institutions to closely scrutinise large cash withdrawals and report suspicious transactions, particularly during election periods.

Bangkok (VNA) – The Bank of Thailand (BOT) is preparing new regulations to strengthen oversight of large cash withdrawals, requiring customers to declare the purpose of transactions exceeding 5 million THB (about 161,000 USD).

BOT Governor Witai Rattanagorn announced the plan at the “PostToday Thailand Economic Drives 2026” seminar. The central bank will require financial institutions to closely scrutinise large cash withdrawals and report suspicious transactions, particularly during election periods. Relevant information will be shared with the Anti-Money Laundering Office (AMLO) and the Securities and Exchange Commission (SEC) to prevent potential illicit activities.

Guidelines expected in early or mid-March will mandate enhanced due diligence for withdrawals above the threshold to verify the intended use of funds. Financial institutions that fail to provide satisfactory explanations for suspicious transactions may face service restrictions.

The BOT may later extend similar measures to large cash deposits after assessing the impact of the withdrawal controls. It is also considering lowering the reporting threshold to 3 million THB.

In addition, the central bank is reviewing service fees charged by financial institutions, as current fee structures vary widely and in some cases exceed actual costs. Initially, 10–15 fee items will be examined, with the aim of easing the financial burden on individuals and small businesses in a sustainable manner./.

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