January 29Jan 29 File photo for reference onlyThailand's central bank, the Bank of Thailand (BoT), is intensifying efforts to combat dubious financial activities after detecting unusual cash withdrawals amounting to 250 million baht from commercial banks. BoT Governor Sethaput Suthiwartnarueput announced that banks have been instructed to swiftly investigate these irregular withdrawal patterns. In one instance, a customer withdrew 250 million baht at once, while another transaction involved splitting a 200 million baht withdrawal between two banks.Suspicion grew when it was requested that all cash be dispensed in 500-baht banknotes. The central bank plans to forward this information to authorities like the Anti-Money Laundering Office (AMLO) to assess potential criminal links. Should political connections be suspected, the case will be referred to Thailand’s Election Commission (EC).The BoT intends to revise its regulations on large cash withdrawals within two to three months. Proposed changes could include setting thresholds of 3 million or 5 million baht, beyond which banks must perform additional checks on the cash's intended use. Legitimate transactions with traceable origins will continue to be processed normally.The BoT also announced stricter controls on online gold trading, as increasing digital transactions are impacting the Thai baht without a centralized data system. It will limit daily online gold purchases through baht-based apps to 50 million baht per person. This restriction excludes in-store purchases and apps using US dollar settlements.Gold trading rules will be enforced in two phases. Initially, gold shops must report transactions exceeding 20 million baht from January 26. Starting March 1, the 50 million baht cap per person will be applied, allowing time for major trading apps to adjust.The BoT is also tightening rules around currency exchanges, capping foreign exchanges at 800,000 baht per person, with an even stricter limit of 200,000 baht for border-area money changers, to combat illicit and grey-market money flows, reported The Thaiger.Key TakeawaysBoT is investigating unusual withdrawals totaling 250 million baht.New regulations are planned for cash withdrawal and online gold trading.Currency exchange limits aim to curb grey-market money flows.Related StoriesWorld Bank: Thailand’s Growth Hits 1.8% for 2026, ASEAN's LowestBank of Thailand Cracks Down on More 'Grey Money' Channels Adapted by ASEAN Now from The Thaiger 2026-01-29
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