Business General Cash deposits over B5m to face mandatory disclosure Bank of Thailand chief says rule to curb ‘grey economy’ will take effect in fourth quarter PUBLISHED : 11 Jul 2026 at 20:30 WRITER: Mongkol Bangprapa –> Small Medium Large –> Bank of Thailand governor Vitai Ratanakorn discusses a range of topical issues during a meeting with economic reporters on Saturday. (Photo: Bank of Thailand) Customers depositing more than 5 million baht in cash will be required to disclose the source of the funds from the fourth quarter as part of tighter measures to curb the grey economy and illicit financial activities, according to Bank of Thailand governor Vitai Ratanakorn. The central bank places high priority on tackling Thailand’s structural problems, particularly the informal economy, grey capital and corruption, Mr Vitai said during a meeting with economic reporters on Saturday. Consequently, the BoT does not want financial institutions under its supervision to be used as channels for illegal activities, prompting it to tighten oversight. Mr Vitai said officials are now renewing the scope of the central bank’s legal authority before finalising the deposit disclosure requirements. The measures would also cover large cash exchange transactions, requiring customers seeking to exchange 1,000-baht banknotes for 100- or 500-baht notes to explain the purpose of the transaction and why the smaller denominations are needed. Under a separate measure introduced earlier this year, cash withdrawals exceeding 5 million baht are subject to enhanced due diligence. Commercial banks and state-owned financial institutions are required to verify customers’ reasons for using cash and assess whether transactions could instead be conducted through electronic transfers or cheques. Legitimate business transactions remain permitted, Mr Vitai said. Since the measures took effect in April and May, large cash withdrawals have fallen by 35%, Mr Vitai said, adding that enforcement would be…
Source: Bangkok Post Business