BANGKOK – The Bank of Thailand (BoT) is significantly expanding its regulatory oversight by requiring financial institutions to directly report suspicious transactions potentially linked to illicit “grey” money. Under new directives from the Financial Institutions Business Act, banks must now submit these reports directly to the central bank, marking a substantial shift from the previous practice where such notifications were sent exclusively to the Anti-Money Laundering Office (Amlo).

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Governor Vitai Ratanakorn announced the enhanced measures, which will see the BoT defining specific transaction types that trigger mandatory reporting. The new framework will subject significant money transfers and accounts connected to online gambling sites to heightened scrutiny. The central bank is also extending its monitoring to include gold trading transactions, particularly those conducted through mobile applications, to better understand their impact on foreign exchange movements and identify potential illicit fund flows.

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The initiative includes strengthening know-your-customer (KYC) protocols across payment service providers, including e-wallets and money changers. This comprehensive approach forms part of the BoT’s broader strategy to protect consumers, prevent financial system abuse, and manage currency stability amid the baht’s 5% appreciation against the US dollar this year.

-Thailand News (TN)