Bank of Thailand Tightens Cash Deposit Rules Above 5 Million Baht

The Bank of Thailand (BOT) has expanded regulations on cash transactions of 5 million baht or more per day, effective November 1, 2026, emphasizing that electronic banking services are unaffected. BOT Governor Vithai Rattanakorn revealed that the central bank prioritizes preventing illicit funds and elevating the transparency and safety of the Thai financial system, leading to the issuance of BOT Notification No. 57/2566 on risk management guidelines for cash-related transactions for financial institutions, enforceable from November 1, 2026. The new guidelines require financial institutions to conduct enhanced due diligence (EDD) for cash-related transactions of 5 million baht or more per day, such as inquiring about the source of funds, transaction purpose, or requesting supporting documents, based on the customer's risk level. Transactions subject to scrutiny cover branch operations including: cash deposits; check or draft deposits; Thai baht banknote exchanges; receiving cash to issue checks or drafts; buying, selling, or exchanging foreign currency; and paying insurance premiums, investment products, or financial derivatives. If suspicious transactions or behavior inconsistent with a customer's normal pattern are found, financial institutions must report to the BOT to prevent the banking system from being used for wrongdoing or illegal activities. However, these guidelines apply only to branch transactions and do not affect electronic channels, while also requiring institutions to consider customer convenience and have measures to assist affected persons promptly and fairly. The measures align with the Bangkok Blueprint for Fraud-Resilient Financial Services, which the BOT initiated and promotes jointly with the International Monetary Fund (IMF) and the World Bank Group to strengthen the financial sector's resilience against fraud.