The Bank of Thailand (BoT) has opened a public consultation on two draft regulations aimed at tightening oversight of banknote exchange, deposits and withdrawals, requiring identity verification for every transaction. The consultation runs from 10 February to 24 February 2026. The measures are intended to prevent the public from falling victim to financial crime and to stop financial institutions being used as channels for criminal activity.

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The BoT said the draft rules would require financial institutions and specialised financial institutions to implement end-to-end Customer Due Diligence (CDD) processes. These would cover customer onboarding, transaction monitoring, identity verification and the termination of relationships, in line with the risk level of customers, transaction types and financial products or services, particularly those involving cash. Institutions must also establish clear governance structures, policies, procedures and systems for managing such risks.

Under the proposals, boards and senior management would be responsible for ensuring appropriate CDD processes are in place. Know Your Customer (KYC) procedures must align with the risk level of each product or service and go beyond existing KYC requirements. Institutions would also be required to monitor and detect unusual transactions and conduct Enhanced Customer Due Diligence (EDD) where suspicious activity is identified; if EDD cannot be completed, the institution must not proceed with the transaction.

The draft also sets out requirements for managing risks related specifically to cash transactions. Customers must present themselves or verify their identity before carrying out transactions, and institutions must request information about the purpose of transactions. Any unusual cash movements must be closely monitored, with risk management measures applied according to the level of risk identified.

Financial institutions must retain customer data and supporting documents for the period required by law. They are also required to submit reports to the BoT on transactions or financial behaviour deemed unusual, as well as any additional information requested by the central bank. The draft states that institutions must have processes in place to support honest customers affected by such measures in an appropriate, prompt and fair manner.

The BoT said the regulations are designed to strengthen confidence and enhance the stability of the financial system. The consultation period will allow stakeholders to provide feedback before the rules are finalised.

Khoasod reported that what happens next will depend on the outcome of the public consultation, which closes on 24 February 2026. After reviewing submissions, the BoT is expected to consider revisions before issuing the final regulations.

Key Takeaways

• The BoT is consulting on draft rules requiring identity verification for all cash-related transactions from 10–24 February 2026.

• Financial institutions must strengthen KYC, CDD and EDD processes and refuse transactions if enhanced checks cannot be completed.

• Banks must report suspicious transactions to the BoT and ensure fair treatment of honest customers affected by the measures.

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Adapted by ASEAN Now Khaosod 12 Feb 2026

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What are we talking about here, many million Baht transactions or like 100k Baht and up ?

6 minutes ago, ukrules said:

What are we talking about here, many million Baht transactions or like 100k Baht and up ?

Sounds like every transaction....

11 minutes ago, Georgealbert said:

banknote exchange, deposits and withdrawals, requiring identity verification for every transaction.

Interesting to see how this plays out. The noose is getting tighter on cash worldwide.

doesn't really affect foreigners does it since we need to present passport for pretty much everything we do

They are slowly but surely boiling the frog... before you know it cash

will be deemed illegal, for your own safety and convenience only CBDC's

accepted. The digital surveillance panopticon complete!

Seems like a zero issue to me.

“... request information about the purpose of transactions...”.

So basically, every time you go to deposit or withdraw cash, you’ll be asked why you’re doing it.

That feels pretty intrusive, imagine explaining to a teller that you’re taking money out “to support my mia noi”!

Worse still, imagine if the teller is a friend of your wife!

This risks turning routine banking into an interrogation, and most people won’t appreciate being quizzed over their own money.

Then there's the bit about “...processes to support honest customers...”, how exactly will they do it?

If someone gets flagged for a perfectly normal transaction, will the bank have a fast‑track way to clear them, or will you be left waiting waiting waiting while their transaction is investigated?

You couldn’t design a better system for intrusion and inconvenience if you tried.

All this will do is adversely affect ordinary people, while the criminals will just find another way to move their money. More bureaucracy, and more delays for customers.

8 hours ago, blaze master said:

9 hours ago, ukrules said:

What are we talking about here, many million Baht transactions or like 100k Baht and up ?

Sounds like every transaction...

Nonsense. The article clearly references 'unusual transactions" or "suspicious activity".

7 hours ago, smedly said:

doesn't really affect foreigners does it since we need to present passport for pretty much everything we do

It would affect any foreigners who make unusually large cash withdrawals or any other suspicious activity. The regulations are not just about providing identity, it's about preventing certain transactions by denying them.

5 hours ago, Gottfrid said:

Seems like a zero issue to me.

Exactly. Normal bank customers making normal transactions need have no concerns.

5 hours ago, Jim Waldron said:

.. request information about the purpose of transactions...”.

So basically, every time you go to deposit or withdraw cash, you’ll be asked why you’re doing it

No, that is not what has been reported in the article. It clearly referred to unusual or suspicious activity.

If you think the waiting time for a teller is long now, just wait until this revamp goes into operation.

1 minute ago, Liverpool Lou said:

No, that is not what has been reported in the article. It clearly referred to unusual or suspicious activity.

4 minutes ago, Liverpool Lou said:

Exactly. Normal bank customers making normal transactions need have no concerns.

This is from the article: "The draft also sets out requirements for managing risks related specifically to cash transactions. "

That seems to apply to all cash transactions, otherwise they wouldn't need the word "also".

Tie the system up watching the minnows so the whales can swallow the sea unobserved.

This is likely connected to the vast amounts of cash withdrawn pre-election, much of it in 500 and 100 notes.

7 minutes ago, davb said:

Exactly. Normal bank customers making normal transactions need have no concerns.

This is from the article: "The draft also sets out requirements for managing risks related specifically to cash transactions. "

That seems to apply to all cash transactions, otherwise they wouldn't need the word "also

"The draft also sets out requirements for managing risks related specifically to cash transactions. "

That refers to risks from cash transactions, normal cash transactions do not carry the risks of unusual or suspicious transactions to which they referred.

9 minutes ago, Upnotover said:

This is likely connected to the vast amounts of cash withdrawn pre-election, much of it in 500 and 100 notes.

Exactly, the normal customer will not be affected in anyway whatsoever.

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26 minutes ago, Liverpool Lou said:

"The draft also sets out requirements for managing risks related specifically to cash transactions. "

That refers to risks from cash transactions, normal cash transactions do not carry the risks of unusual or suspicious transactions to which they referred.

But it doesn't say "normal". It just says cash transactions.

5 hours ago, Liverpool Lou said:

Exactly. Normal bank customers making normal transactions need have no concerns.

Right! I read, and I see basically not much changes from what already is. And, if they would ask me why or what I would use the money for. Sure, then I just tell them monthly regular expenses. But I don´t see this coming, as they will focus on large transfers above 200-300k baht, so if I transfer about 150k at the time, I will be ok. I don´t know many foreigners in Thailand that need more than that for a month. In that case, make 2 transfers.

If you want to buy land or build house. That will go through your company or Thai wife/girlfriend. Then they always have to secure that the money is their own without any claim from foreign citizenship as well as inform what they are for. Nothing different.

People here are such scared people. I can´t understand why people like that move to a foreign country, just to be nightmare scared to death of everything they read.

4 hours ago, davb said:

But it doesn't say "normal". It just says cash transactions.

Yeah! Scary dude! Now go hide in the wardrobe, until it blows over. 🤣

However it is intended (and it seems to me to be to restrict use of cash), it does in effect increase the chances that you will be required to prove your "innocence" when attempting to acquire cash.

As others have mentioned, the frog is being brought up to a simmer.

It's not like they would just come out and say "we don't want you to use cash any more", is it?

Is BoT renowned for its transparency?

6 hours ago, Upnotover said:

This is likely connected to the vast amounts of cash withdrawn pre-election, much of it in 500 and 100 notes.

Not an issue really. They just need to add, "Buying votes" to the drop-down menu for reasons for withdrawal.

15 hours ago, BeastOfBodmin said:

However it is intended (and it seems to me to be to restrict use of cash), it does in effect increase the chances that you will be required to prove your "innocence" when attempting to acquire cash.

It is perfectly clear that the intention of the proposed legislation is to restrict the illicit use of cash, nothing more.

15 hours ago, BeastOfBodmin said:

Is BoT renowned for its transparency

Is BoT renowned for its lack of transparency? If you respond in the affirmative, please give your specific examples.

On 2/12/2026 at 4:49 AM, ukrules said:

What are we talking about here, many million Baht transactions or like 100k Baht and up ?

It could be much lower. My bank changed the limits when I upgraded the app on my phone. I already had facial recognition set up and could change the limits manually on the app. After new version no manual changes and limits set to 50k QR or transfers\payments per day and 20k ATM withdrawls per day. You can go into the bank to have those changed but it could get crazy

On 2/12/2026 at 3:09 PM, Liverpool Lou said:

No, that is not what has been reported in the article. It clearly referred to unusual or suspicious activity.

Please enlighten us as to the difference between "normal" bank customers doing "normal" transactions vs. not normal customers doing unusual transactions.

Clear reference to unusual or suspicious activity - clear as mud, since no definition or description is forwarded as to what exactly constitutes the above.

6 hours ago, Liverpool Lou said:

It is perfectly clear that the intention of the proposed legislation is to restrict the illicit use of cash, nothing more.

There is plenty more to it...using your own cash to buy illicit hamburgers will soon be a thing,,,

remember you will own nothing and be happy..eating the bugs !!!