Thailand introduces tighter checks on cash deposits of 5 million baht or more

Thailand has introduced enhanced checks on cash deposits of 5 million baht or more at bank branches, with new Bank of Thailand requirements taking effect on 1 November 2026, according to a report by The Thaiger.

The requirements apply to transactions made within a single day and exclude transactions through electronic banking channels. Banks must carry out enhanced customer due diligence, with the extent of the checks depending on the customer’s risk profile.

Bank of Thailand governor Vitai Ratanakorn said the measures were intended to tackle illicit funds and improve transparency in the financial system.

Which transactions are covered?

The scope extends beyond cash deposits. At the 5-million-baht threshold, the requirements also cover cheque and bank draft deposits, exchanges of Thai banknotes, and the receipt of cash to issue cheques or bank drafts.

Buying, selling and exchanging foreign currency at bank branches are also covered. The requirements extend to payments for insurance premiums, investment products and financial derivatives.

The distinction between branch transactions and electronic banking is important: the reported requirements do not apply to transactions made through electronic channels.

What customers may be asked

For residents and businesses making transactions within the rules’ scope, the practical change is the possibility of more detailed questions and requests for evidence at the branch.

Banks may ask about both the source of the money and the purpose of the transaction. They may also request supporting documents. The checks are risk-based, rather than a single identical process for every customer.

The report does not set out a standard list of documents that all customers must provide. The stated requirement is for banks to assess the transaction in light of the customer’s risk profile.

Banks must also report transactions to the Bank of Thailand when they appear unusual or inconsistent with the customer’s normal financial activity.

Customer service remains part of the requirements

The central bank said financial institutions must minimise unnecessary inconvenience and provide prompt, fair assistance to customers affected by the additional checks.

The measures were introduced under Bank of Thailand Notification No. 57/2026 as part of efforts to prevent financial institutions from being used for illegal activities.

They also align with the Bangkok Blueprint for Fraud-Resilient Financial Services, an initiative developed by the central bank with the International Monetary Fund and the World Bank Group to strengthen the financial sector’s response to fraud.