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Bank of Thailand Flags Suspicious Large Cash Withdrawals

ByJustpaste.in

BANGKOK – The Bank of Thailand (BoT) has detected multiple unusually large cash withdrawals, including a single case totaling 250 million baht, raising concerns over possible illicit financial activities. Governor Vitai Ratanakorn announced on Wednesday that the central bank is intensifying efforts to curb grey-market transactions and the informal economy, which threaten economic stability.

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Commercial banks were recently instructed to scrutinize irregular cash movements, leading to reports of several suspicious withdrawals in the past 10–14 days. Among them were withdrawals of 250 million baht and another of 200 million baht—split evenly between two banks. In some instances, customers specifically requested only 500-baht banknotes.

“We asked banks to monitor and report suspicious activity, and some customers withdrew sums as high as 200–250 million baht,” Vitai stated. The BoT is now tracing the money flows and will forward findings to the Anti-Money Laundering Office (Amlo) if irregularities are found. If linked to political activities, the Election Commission (EC) will also be notified.

Vitai emphasized that the move is not politically targeted but aims to prevent illegal cash usage. “Most asset transactions today can be done via bank transfer or cheque. There is little legitimate reason to handle such large cash amounts,” he added.

Within the next two to three months, the BoT plans to introduce new rules requiring banks to conduct enhanced due diligence on cash withdrawals exceeding a set threshold—likely between 3 million and 5 million baht—still under consideration. Banks will need to verify the withdrawal’s purpose, ensure it aligns with the customer’s business profile, and document all details.

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According to the Bangkok Post, additionally, currency exchange limits will be tightened: daily exchanges will be capped at 800,000 baht per person nationwide and 200,000 baht in border areas to prevent illicit funds from entering the formal financial system.

-Thailand News (TN)

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