Picture courtesy of Financial Crime Academy

 

The Bank of Thailand (BoT) is intensifying efforts to combat illegal financial activities by requiring banks to directly report dubious transactions linked to 'grey' money. Under the Financial Institutions Business Act, banks will be instructed to report these to the BoT, enhancing its role in supervising financial institutions, according to Governor Vitai Ratanakorn.

 

Previously, banks only reported suspicious transactions to the Anti-Money Laundering Office (Amlo), thereby excluding the BoT from the process. The BoT plans to define which transactions are suspicious, necessitating direct reporting to them, thereby expanding its oversight to protect consumers and deter the financial sector's misuse. Activities, such as significant money transfers or accounts tied to gambling sites, will be scrutinised.

 

The BoT also aims to further monitor gold trading transactions, which could impact the movement of the baht. By closely observing these trades, mainly conducted via mobile apps and currently not under regulatory oversight, the BoT hopes to gain more comprehensive data to manage foreign exchange and inspect potential links to grey money.

 

The BoT's enhanced scrutiny extends to reinforcing the know-your-customer (KYC) systems of payment service providers, including e-wallets, money transfer agents, and money changers. The central bank will work to elevate service standards among money changers to effectively identify and investigate unusual transactions, reflecting its commitment to tighter regulatory oversight.

 

Recently, the BoT announced stricter regulation of financial service providers, aiming to clamp down on potential underhand dealings tied to gold transactions and other illicit activities. The BoT's actions are part of broader efforts to stabilise the baht, which has appreciated 5% against the US dollar this year due to Thailand's economic fundamentals and current account surplus, according to the Bangkok Post.

 

Governor Vitai noted that while the baht is stronger than some regional currencies such as the Vietnamese dong, the economic conditions between Thailand and Vietnam differ. However, he mentioned the baht might face depreciation if there is a decline in the current account surplus.

 

Key Takeaways:

 

• The BoT to directly receive reports of suspicious transactions from banks.
• Close monitoring of gold trading transactions to manage foreign exchange.
• Stricter regulations on KYC systems for financial service providers.

 

Related story:

Thai Banks Tighten Monitoring on Grey Money Transactions

 

  Adapted by ASEAN Now from Bangkok Post 2025-11-24

 

 

 

Post making Unsubstantiated claim removed. @watchcat

Do we need to spell out why these new incursions???

 

Let me tell you how it will be

There's one for you, nineteen for me

 

'Cause I'm the taxman

Yeah, I'm the taxman

 

Should five percent appear too small

Be thankful, I don't take it all

 

'Cause I'm the taxman

Yeah, I'm the taxman

 

(If you drive a car, car) I'll tax the street

(If you try to sit, sit) I'll tax your seat

(If you get too cold) I'll tax the heat

(If you take a walk) I'll tax your feet

Taxman!

 

'Cause I'm the taxman

Yeah, I'm the taxman

 

Don't ask me what I want it for

(Haha, Mr. Wilson)

If you don't want to pay some more

(Haha, Mr. Heath)

 

'Cause I'm the taxman

Yeah, I'm the taxman

 

Now my advice for those who die

Declare the pennies on your eyes

 

'Cause I'm the taxman

Yeah, I'm the taxman

 

And you're working for no one but me (Taxman!)

Nothing wrong with banks reporting dubious actions... something has to be done

  NEWS    Banks required to report suspicious  transactions.  Surely  they should be doing this already to protect their customers assets. 

We all have a general idea already of the groups behind the crime in Thailand. Why not go ahead and go after them?

They are just seeking total control over everyone and everyone's transactions.

1 hour ago, hotchilli said:

Nothing wrong with banks reporting dubious actions... something has to be done

 

Yeah sure, but it depends on who decides what is a dubious transaction.

 

On 11/24/2025 at 6:08 AM, webfact said:

The BoT plans to define which transactions are suspicious, necessitating direct reporting to them, thereby expanding its oversight to protect consumers and deter the financial sector's misuse.

 

Maybe soon all transactions done by foreigners will be considered suspicious, because you know how much they like us here.

Now aĺl has to be as KYC ( btw Lnow ypur Customer  ) n u tell me banks doesn’t  know  ? Or maybe doesn’t  want to know ...

On 11/24/2025 at 10:51 AM, unblocktheplanet said:

Do we need to spell out why these new incursions???

 

Let me tell you how it will be

There's one for you, nineteen for me

 

'Cause I'm the taxman

Yeah, I'm the taxman

 

Should five percent appear too small

Be thankful, I don't take it all

 

'Cause I'm the taxman

Yeah, I'm the taxman

 

(If you drive a car, car) I'll tax the street

(If you try to sit, sit) I'll tax your seat

(If you get too cold) I'll tax the heat

(If you take a walk) I'll tax your feet

Taxman!

 

'Cause I'm the taxman

Yeah, I'm the taxman

 

Don't ask me what I want it for

(Haha, Mr. Wilson)

If you don't want to pay some more

(Haha, Mr. Heath)

 

'Cause I'm the taxman

Yeah, I'm the taxman

 

Now my advice for those who die

Declare the pennies on your eyes

 

'Cause I'm the taxman

Yeah, I'm the taxman

 

And you're working for no one but me (Taxman!)

 

Joe Ex-pat transfers 800,000 THB from overseas to his account in Thailand to fund a retirement extension -  RED FLAGS
Somchai (ZeeBoss) Billionaire transfers 10,000,000 USD to Thailand from Ukraine, and then to the Cayman Islands - "Nothing to see here. Move along."

 

That sound about right in the world of global, so-called, money laundering.  Joe Nobody and friends are put under a microscope while the 1% elites are ignored.

DripDripDrip you aint seen nothing yet. Wait until the cashless society. Enjoy. 

Thailand is becoming like europe, more control , more taxes.

Give me the Thailand from 20-30 years ago.

6 hours ago, hotchilli said:

Nothing wrong with banks reporting dubious actions... something has to be done

 

IF they could be trusted to make that determination! How many perfectly innocent account holders will get hassled again because of this?

 

Based on track record, I'd suspect: far too many!

1 hour ago, FlorC said:

Thailand is becoming like europe, more control , more taxes.

Give me the Thailand from 20-30 years ago.

Give me the Planet like 20 years ago. This isn't heading to a more 'convenient' way of doing things, That's just the marketing scam.  

1 hour ago, FlorC said:

Thailand is becoming like europe, more control , more taxes.

Give me the Thailand from 20-30 years ago.

 

Like Europe, just without the benefits (if you happen to be a foreigner). Not good indeed. 

Digital gulag, here we come. 

But I thought all these banking apps were supposed to be for our protection? 55555.  Apparently not, can't recall this ever being an issue with a bank book and cash? 

 

https://www.bangkokpost.com/thailand/general/3135266/police-send-ai-deceiving-ai-scam-alert

 

 

1 hour ago, Caldera said:

 

IF they could be trusted to make that determination! How many perfectly innocent account holders will get hassled again because of this?

 

Based on track record, I'd suspect: far too many!

What's the alternative.... do nothing.

Only the banks have access to account/money movements.

Let them flag odd movements to the authorities to investigate and make judgments

1 hour ago, hotchilli said:

What's the alternative.... do nothing.

Only the banks have access to account/money movements.

Let them flag odd movements to the authorities to investigate and make judgments

You just don't get it do you, or you are choosing not to. Another post already pointed this out to you. Who determines what is odd? who determines what is dubious? Hey if you still have trust in the system after what we all went through the last 5 years then you are an authoritarians wet dream,  

9 hours ago, jippytum said:

  NEWS    Banks required to report suspicious  transactions.  Surely  they should be doing this already to protect their customers assets. 

 

Did you read the article?

 

Previously the banks reported suspicious activity only to AMLO. Now they have to report to the central bank too.

9 hours ago, CallumWK said:

 

Yeah sure, but it depends on who decides what is a dubious transaction.

 

 

Maybe soon all transactions done by foreigners will be considered suspicious, because you know how much they like us here.

 

I have no idea how those who think that they are so reviled and despised by the locals manage to spend another waking day in such a hateful and hostile environment.

To me, this intervention by BoT indicates a possible lack of faith in AMLO?

11 hours ago, Conno said:

You just don't get it do you, or you are choosing not to. Another post already pointed this out to you. Who determines what is odd? who determines what is dubious? Hey if you still have trust in the system after what we all went through the last 5 years then you are an authoritarians wet dream,  

Maybe you're the one who doesn't get it

12 hours ago, Conno said:

You just don't get it do you, or you are choosing not to. Another post already pointed this out to you. Who determines what is odd? who determines what is dubious? Hey if you still have trust in the system after what we all went through the last 5 years then you are an authoritarians wet dream,  

 

What's this "we all went through" nonsense?

12 hours ago, Conno said:

You just don't get it do you, or you are choosing not to. Another post already pointed this out to you. Who determines what is odd? who determines what is dubious? Hey if you still have trust in the system after what we all went through the last 5 years then you are an authoritarians wet dream,  

So what did we go through the last 5 years?

Forgoten allready ?

the brainwashing really works..on some...but then again some are eager participants in the digital panopticon.

4 hours ago, johng said:

the brainwashing really works..on some...but then again some are eager participants in the digital panopticon.

The young are most susceptible to brainwashing, evidenced by their enthusiasm for all things digital.

It is also the reason why religion is force fed to people very early in life, by the time they are mature enough to question that rubbish its too late and the damage has already been done

just look at those who come to religion late in life, the "born again" types,   nutters, every one of them,just like the elderly  newer members of "extinction rebellion"   you only have to look at their eyes

8 hours ago, johng said:

Forgoten allready ?

the brainwashing really works..on some...but then again some are eager participants in the digital panopticon.

Exactly, I'm not even going to respond to those posts 5555. 

 

https://x.com/newstart_2024/status/1993329048886690133

 

I actually found the Max Igan X clip from Ben over at Integrity Legal. Ben's memory of the past 5 years seems pretty intact. unlike some.

 

 

That video is very misleading. "Millions of Thais have moved away from digitalization" ... Millions ... really? 🤔