Thailand to audit large USDT transactions, scrutinize cash deposits above 5 million baht

Thailand is widening its anti-money-laundering push by reviewing high-volume USDT transactions, large cash dealings, gold trading and mule accounts as authorities try to curb illegal fund flows tied to what officials describe as the grey economy. Bank of Thailand Governor Vitai Ratanakorn said on July 11 that the central bank and the Securities and Exchange Commission had launched joint audits into heavy USDT activity, with enforcement expected to ramp up significantly in the fourth quarter of 2026. The review is aimed at transactions structured to obscure beneficial ownership or bypass compliance checks, including layering across multiple wallets or accounts. USDT accounts for 52% of Thailand's digital-asset trading volume, and a January investigation found that about 40% of USDT sellers on Thai platforms were foreign nationals. The tighter scrutiny sits within a broader campaign that has been running in parallel across several channels. New regulations introduced in April 2026 require proof of funds for cash deposits above 5 million baht, about $140,000, and high-value cash withdrawals fell 35% after the rules took effect. Monthly gold bullion outflows have also dropped to about 700 kilograms from 4,000 kilograms. Thailand has also been confronting crypto-linked crime more directly. Police recently traced a romance-scam laundering network in which a single wallet moved more than $122.5 million in 10 months through cross-chain swaps during Interpol's Operation First Light. Investigators have also widened a mining probe into a $300 million Chinese laundering network and seized $8.6 million in illegal mining rigs tied to scam compounds. Even as enforcement tightens, the central bank is actively considering a baht-pegged stablecoin, which could give authorities fuller visibility into on-chain transfers while supporting the country's broader digital-finance infrastructure plans.