Bank of Thailand to Intensify Q4 Gray-Economy Crackdown, Audit USDT With SEC

Thailand has long struggled with underground finance and the gray economy. To safeguard national financial security, the Bank of Thailand has decided to impose stringent controls in the fourth quarter. The move will substantially raise compliance costs for individuals and commercial banks while signaling the Thai government’s resolve to combat money laundering and bring previously marginally regulated underground funds under closer scrutiny.

The Bank of Thailand said it would launch a crackdown on the gray economy in the fourth quarter of this year, requiring individuals with deposits of 5 million baht or more to prove the source of their funds. The new rules expand commercial banks’ compliance responsibilities for cash, gold and stablecoin transactions. For the first time, the central bank will also work with Thailand’s Securities and Exchange Commission to audit and closely scrutinize large transactions involving the U.S. dollar stablecoin USDT in an effort to curb underground finance.