Thailand’s central bank is widening its anti-money laundering campaign to cover high-volume stablecoin transfers, with particular attention to USDT, alongside tighter scrutiny of cash movements and exchange activity. The effort is being carried out with the country’s Securities and Exchange Commission as part of a broader push against illicit finance and the domestic “gray money” economy.
Stablecoin audits planned
According to the report, the Bank of Thailand and the SEC plan to audit large stablecoin transactions in order to identify and stop illicit financial flows. The focus is expected to fall on high-volume transfers, especially those involving USDT, which the authorities see as relevant to money-moving networks because stablecoins can be used to transfer large amounts quickly across borders.
The article says the initiative forms part of a longer-term and multi-pronged strategy rather than a one-off enforcement action. Authorities are seeking to track channels that may be used to move funds outside ordinary oversight, including digital assets and conventional cash-based routes.
Broader compliance net
The new measures are not limited to crypto-related activity. Thailand is also broadening compliance expectations for regulated institutions and businesses across banks, cash networks, currency exchanges and gold trading. Suspicious stablecoin transactions are included in that expanded review.
The stated aim is to prevent supervised entities from being used to support corruption, money laundering or shadow-economy activity. The report links the campaign to concerns over illicit cash flows that may stem from scam centers operating in the region, though it presents that as part of the wider background to the crackdown rather than as a confirmed source of any specific transaction.
Cash disclosures tightened
Cash handling will face stricter disclosure standards under the plan. High-value cash transactions will require declarations showing the source of funds. In addition, cash deposits above 5 million baht, or roughly $150,000, must be fully disclosed.
Authorities also intend to monitor large exchanges of high-denomination banknotes into smaller bills when there is no clear business rationale for the transaction. That step appears designed to flag unusual cash behavior that may indicate attempts to obscure where money came from or how it is being distributed.
Why stablecoins are in focus
The report says stablecoins have become a popular tool for transferring substantial sums because they can settle cross-border transactions almost instantly. That speed and convenience have made them a point of attention for regulators looking at how illicit money may move between jurisdictions.
Thailand’s latest move therefore combines scrutiny of digital transfers with controls on physical cash and exchange channels, reflecting a broader effort to close gaps between traditional and crypto-based financial activity.
In context, the reported measures present Thailand’s anti-laundering push as a sustained campaign against gray-economy networks, using audits, expanded compliance duties and stricter disclosure rules across both stablecoin and cash transactions.
Source: cointelegraph.com