The Thailand Securities and Exchange Commission (SEC) published an enhanced supervisory package of five measures for the capital market and digital asset market aimed at curbing illicit funds, combating mule accounts, and addressing increasingly sophisticated technology-enabled investment scams. The measures include stronger Know Your Customer and customer due diligence expectations for securities companies, including ongoing monitoring of investment behaviour, Enhanced CDD where red flags arise, and Suspicious Transaction Reports to the Anti-Money Laundering Office (AMLO), alongside tighter deposit and withdrawal controls such as account name matching and delayed transactions for high-risk customers. Ownership and control reviews of licensed operators will be tightened by expanding the definition of major shareholders to include funding sources and providers, and by widening prohibited characteristics to cover money laundering and terrorism financing offences in both domestic and international contexts. For digital assets, operators’ e-Reporting data will support monitoring and blockchain forensic screening, with further enhancements planned such as upgraded analytics to trace funds to ultimate destinations, digital asset transfer standards aligned to cash-like risk profiles, implementation of the Travel Rule with simultaneous sender and receiver identification data, stablecoin trading and exchange activities treated in line with foreign exchange transactions, and cooperation with the Bank of Thailand on oversight of foreign currency quota usage. The SEC also highlighted transparency measures for listed companies, including disclosure of shareholder structures and changes at each 5% threshold within three business days via Form 246, tender offer compliance at relevant thresholds, fiduciary duties to mitigate conflicts of interest, and the development of cross-system analytics to detect inconsistencies between shareholding information and trading behaviour. Next, the SEC plans to accelerate integrated work with other agencies, including through the “Connect the Dots” task force, to link data, jointly trace and examine fund flows, and identify ultimate transaction destinations to better target mule accounts and suspicious transactions.
Thailand Securities & Exchange Commission 2026-04-01
Thailand Securities and Exchange Commission strengthens capital and digital asset market oversight with five measures to curb illicit funds and mule accounts
The Thailand Securities and Exchange Commission issued an enhanced supervisory package of five measures for the capital and digital asset markets to curb illicit funds, combat mule accounts, and address technology-enabled investment scams. The measures strengthen Know Your Customer and customer due diligence requirements, tighten ownership and control reviews of licensed operators, enhance digital asset monitoring and Travel Rule implementation, and reinforce transparency and disclosure obligations. The authority will also intensify integrated work with other agencies through the “Connect the Dots” task force to link data and trace fund flows.