Thailand investigates large USDT transactions for money laundering

Thailand is taking a major step in the fight against financial crime. The Bank of Thailand and the Securities and Exchange Commission (SEC) are launching a joint investigation into large stablecoin transactions, particularly USDT, to detect and halt illicit money flows.

More background on this development can be read at The Nation Thailand.

Deposits over 5 million Baht under scrutiny

Anyone who wishes to deposit 5 million Baht ($150.000) or more in cash into a bank account in Thailand must now formally prove the origin of that money. This new measure by the Bank of Thailand complements existing rules already in place for large cash withdrawals. The goal is clear: to prevent large sums of money from entering the financial system unchecked.

In addition to cash deposits, attention is also turning to the stablecoin market. The central bank is working with the Thai SEC to scrutinise large USDT transactions. The authorities are concerned about hidden ownership structures and attempts to bypass Thailand’s official remittance channels.

Gold trading also faces stricter controls

The approach is not limited to crypto and cash. The Thai authorities are also scrutinising gold trading. Banks are required to report suspicious patterns, such as situations where someone quickly buys gold digitally and then physically collects it on the same day. Such arrangements are considered a possible method for money laundering.

The joint action by the central bank and the SEC shows that Thailand is taking financial oversight of both traditional and digital markets increasingly seriously. The focus on USDT is notable, as this stablecoin is widely used globally for cross-border payments and can thus also be attractive for those looking to move money outside official channels.