Bank of Thailand Tightens Money Changer Rules to Curb Laundering
The Bank of Thailand is tightening regulations on money changer businesses to combat money laundering and corruption. Current operators will face upgraded standards, while new license applications will be accepted under existing rules from December 1-30 this year. A new licensing framework with semi-annual application windows will launch in 2028.
The Bank of Thailand (BOT) announced plans to upgrade standards and regulate foreign exchange businesses (Money Changers) to prevent their use as channels for illegal activities. Assistant Governor of the Financial Markets Group, Pimpan Charoenkwan, stated the move aims to curb money laundering and corruption in Thailand's financial system. The central bank will first adjust standards for currently licensed operators to ensure risk-appropriate supervision. For new applicants in 2027, BOT will temporarily close applications but still accept submissions under existing guidelines from December 1-30, 2026. Starting in 2028, new licensing rounds will open twice yearly in March and September, with detailed criteria to be published in December 2026.
