📢Thailand🇹🇭: the Central Bank plans to tighten rules governing cash withdrawals

📢Thailand🇹🇭: the Central Bank plans to tighten rules governing cash withdrawals

“Who needs 6 million dollars in cash?” — asked the Governor of the Bank of Thailand, when outlining the upcoming regulatory changes.

➡️ Background: a few days ahead of local elections, authorities identified two cash withdrawal transactions totaling USD 12 million. Attention was drawn to the fact that the funds were requested in specific bill denominations. The case emerged amid heightened public scrutiny of vote-buying practices, which typically involve cash payments in exchange for political support.

➡️ Key measure: within the next two months, the authorities are expected to introduce a cash withdrawal threshold—estimated between USD 100,000 and USD 150,000—above which banks will be required to immediately notify the relevant authorities.

➡️ Currency exchange regulation: the Bank of Thailand will also tighten regulation of currency exchange. Daily limits will be set at 800,000 baht (approximately 25,591 USD) per person, and 200,000 baht (approximately 6,400 USD) in border areas. The objective is to prevent illicit funds from entering the formal financial system.

➡️ Regulatory outlook: according to the regulator, promoting electronic transactions will simplify the monitoring of illegal financial activities.

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