Photo Credit: Bangkok Post
The Bank of Thailand (BoT) has flagged a series of unusually large cash withdrawals — the biggest exceeding 250 million baht — prompting closer scrutiny and reports to relevant agencies, including the Election Commission.
BoT governor Vitai Ratanakorn said banks were instructed over the the past two weeks to monitor irregular transactions linked to grey-market funds and the informal economy. Several suspicious cases emerged, including withdrawals of 200–250 million baht, with some customers requesting only 500-baht banknotes.
The central bank is tracing the money trails and will forward any irregular findings to the Anti-Money Laundering Office (Amlo). Cases with possible political links will be referred to the Election Commission. Mr Vitai stressed the measures are aimed at curbing illegal cash use, not specifically targeting political activity.
To strengthen oversight, the BoT plans new rules within two to three months requiring banks to conduct extra checks on large cash withdrawals above a yet-to-be-finalised threshold, likely 3–5 million baht. Banks must verify the purpose of the withdrawal and ensure it aligns with a customer’s business profile.
The BoT will also tighten controls on currency exchange operators, capping daily exchanges at 800,000 baht per person, and 200,000 baht in border areas, to prevent illicit funds from entering the financial system.