Thailand: Finance and Banking

The Bank of Thailand is proposing a comprehensive regulatory overhaul for licensed money changers that would raise licensing standards, require existing operators to undergo mandatory upgrades, and temporarily freeze new applications throughout 2027. The reforms aim to prevent financial crime and enhance public confidence...

The Bank of Thailand (BOT) is seeking public comment on proposed amendments that would significantly expand know-your-customer (KYC) and customer due diligence (CDD) requirements for cash-related transactions at financial institutions (FIs) and specialized financial institutions (SFIs).

Thailand's central bank has proposed sweeping changes to digital banking security rules that would phase out SMS-based authentication and mandate biometric verification for large transactions. The draft notification extends security requirements beyond mobile banking to internet channels and nonbank providers, responding to evolving fraud tactics targeting gaps in the current regulatory framework.