TITLE: Thailand's Central Bank Issues Cash Transaction Risk Management Guidelines for Financial Institutions BODY: On March 19, 2025, the Bank of Thailand (BOT) issued guidelines requiring financial institutions to implement risk management procedures for cash-related transactions. The guidelines aim to prevent financial institutions from being used as channels for illegal activities while protecting financial service users. Cash transactions present elevated risks due to their convenience and lack of transaction trail documentation, making them difficult to monitor and potentially susceptible to misuse. The BOT's guidelines require financial institutions to manage risks associated with cash withdrawals and cheque encashment transactions comprehensively across all processes, taking into account customer risk levels, transaction characteristics, location, and service channels. Key provisions include enhanced due diligence requirements for customers conducting cash transactions of 5 million baht or more per day. Financial institutions must verify customer information, inquire about transaction purposes, and request supporting documentation. Institutions must report any transactions that deviate from normal customer behaviour or typical transaction patterns to the BOT. These requirements apply only to cash withdrawals at branches and non-crossed cheque encashments; customers using alternative channels such as transfers or crossed cheques may continue normal operations. Financial institutions must regularly review these procedures to align with evolving customer cash transaction behaviour. Institutions must also ensure risk management measures do not create undue burden on customers and must establish fair and expedited processes for affected customers. The guidelines are issued under Bank of Thailand Notification 16/2569 and take effect on April 1, 2025. REFERENCES: Bank of Thailand News Release, March 19, 2025: https://www.bot.or.th/th/news

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