The update concerns foreign exchange transaction controls and documentation requirements imposed on commercial banks, which relates to cash management and currency handling—a Cash Equivalents function.
Mandatory inheritance: Cash Equivalents as primary tag requires Investment Services as the secondary parent category, reflecting the asset-management dimension of FX control oversight.
Specialism
The draft guidelines explicitly mandate enhanced documentation requirements for foreign exchange transactions to strengthen AML/CTF controls, which are core Anti-Money Laundering/Counter-Terrorism Financing regulatory obligations.
Mandatory inheritance: AML/CTF is a child of Financial Crime, so Financial Crime must be raised as the secondary tag.
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TITLE: Thailand's Central Bank Opens Consultation on Foreign Exchange Control Guidelines
BODY:
On March 25, 2025, the Bank of Thailand (BOT) opened a public consultation on the draft announcement of the Foreign Exchange Control Officer concerning foreign exchange control regulations (edition 38). The consultation period runs until April 23, 2025, providing 30 days for stakeholders to submit comments and recommendations.
The draft guidelines introduce two key amendments to foreign exchange transaction controls. First, commercial banks must request supporting documentation for the sale or deposit of foreign currency transferred from abroad valued at USD 200,000 or more, except where banks have established a sufficiently strong customer relationship. Second, for foreign exchange transactions involving gold, commercial banks must request supporting documentation for every transaction regardless of transaction amount.
These amendments aim to strengthen anti-money laundering and counter-terrorism financing controls within Thailand's foreign exchange system. The consultation follows the framework established by the Law on Principles of Drafting Legislation and Assessment of Legal Effectiveness, 2019.
Stakeholders can submit comments through the BOT website or the central legal system portal. The BOT will consider all feedback received during the consultation period when finalising the guidelines. Additional information is available from the BOT's Foreign Exchange Policy and Supervision Division at fog_ecst@bot.or.th, or by telephone at 0 2356 7349 or 0 2356 7348.
**Reference:**
Bank of Thailand. Foreign Exchange Control Consultation. Available at: bot.or.th