Bank of Thailand Implements Stricter Cash Deposit Regulations Starting November 1
The Bank of Thailand has announced new enhanced due diligence requirements for cash transactions of 5 million baht or more, effective November 1, 2026, to combat money laundering.
Starting November 1, 2026, the Bank of Thailand (BOT) will enforce stricter regulations on large cash transactions to enhance financial system security and prevent illicit money flows. According to BOT Governor Withai Rattanakorn, financial institutions are now required to perform Enhanced Due Diligence (EDD) on any cash-related transactions totaling 5 million baht or more within a single day.
This new policy, outlined in BOT Notification No. 57/2569, applies to various services at bank branches, including cash deposits, check or draft deposits, currency exchanges, and the purchase or sale of foreign currencies. Under these rules, banks must verify the source of funds, the purpose of the transaction, and request supporting documentation based on the customer's risk profile.
For residents and travelers, it is important to note that these measures specifically target high-value physical cash handling and do not affect standard electronic banking services or digital transactions. While these regulations aim to increase transparency, the specific documentation requirements may vary depending on individual bank policies. Those planning to conduct large cash transactions should contact their financial institution in advance to ensure compliance with the new verification procedures. The impact of these measures on the broader banking sector and the effectiveness of these controls in curbing money laundering remain to be observed.
