Thailand’s Central Bank And SEC Probe High-Value USDT Transfers Under AML Push
In Brief
Thailand’s central bank and SEC review high-value USDT transactions as new AML rules expand oversight of cash deposits and crypto activity.
The Bank of Thailand (BOT) is preparing to introduce additional anti-money laundering measures in the fourth quarter, including a requirement for individuals depositing 5 million baht or more in cash to verify the source of their funds. The initiative forms part of a broader effort to strengthen oversight of financial activity and curb illicit capital flows across both traditional and digital markets.
Digital assets are also a key focus of the expanded regulatory framework. The BOT is working with Thailand’s Securities and Exchange Commission (SEC) to review high-value cryptocurrency transactions, with particular attention to major stablecoins such as Tether (USDT). Regulators are examining trading activity for signs that stablecoins are being used to conceal beneficial ownership or circumvent domestic remittance channels. Transactions identified as suspicious have been referred to the SEC for further regulatory review and potential enforcement action.
Commercial banks have also been instructed to apply stricter Know Your Customer (KYC) procedures when opening new accounts to help prevent the use of mule accounts linked to online gambling and other financial crimes. Authorities have stated that a number of high-risk accounts have already been frozen as part of the broader enforcement effort.
Expanded Controls Target High-Value Cash and Gold Transactions
The new cash deposit verification requirement builds on regulations introduced in April that required customers withdrawing at least 5 million baht in cash to provide a documented business justification explaining why electronic payment methods could not be used. According to the central bank, those measures contributed to a decline in large cash withdrawals. The upcoming deposit rules are intended to extend the same level of scrutiny to incoming cash transactions.
In addition to cash deposits, the BOT is evaluating enhanced monitoring of high-value banknote exchanges. The proposed measures would target transactions involving the conversion of large volumes of 1,000-baht banknotes into smaller denominations where no clear commercial purpose can be established.
The central bank has also strengthened oversight of the gold trading sector by requiring financial institutions to report transactions that display unusual patterns. Authorities have identified cases in which large quantities of gold were purchased through digital platforms and withdrawn physically from retailers on the same day, prompting lenders to report such activity to the Anti-Money Laundering Office (AMLO). Officials stated that reported physical gold withdrawals have declined following the implementation of the enhanced monitoring framework.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
