Thailand's central bank and SEC target large cash and USDT

Thailand's central bank and securities regulator are launching a coordinated crackdown on illicit financial flows, targeting large cash deposits, high-volume stablecoin transactions, and gold trading as interconnected channels of the country's shadow economy. The Bank of Thailand (BOT) will soon require anyone depositing 5 million baht (approximately $150,000) or more in cash to verify the source of those funds, a rule expected to take effect in the fourth quarter of 2026.

This new deposit requirement completes a regulatory loop begun in April 2026, when authorities first mandated that individuals withdrawing the same large sum in cash must explain why electronic transfers were not feasible. That earlier measure resulted in a 35% nationwide decline in high-value cash withdrawals. Officials now aim to apply similar scrutiny to money entering the banking system.

Concurrently, the BOT is working with the Securities and Exchange Commission (SEC) to conduct a joint audit of sizable transactions involving the stablecoin USDT. Regulators are examining patterns that may conceal beneficial ownership or allow funds to bypass traditional domestic remittance channels. The review follows a...