Thai central bank to tighten money changer rules, pause new licenses in 2027-Xinhua - 新华网

BANGKOK, Nov. 5 (Xinhua) -- Thailand's central bank said on Thursday that it will raise standards for licensed money changers and stop accepting new license applications for 2027, part of a wider effort to keep the sector from being used for illegal activity.

The tighter rules are designed to stop money changers from serving as a channel for illicit activities. They will also require businesses to meet standards proportionate to their level of risk, said Pimpan Charoenkwan, Bank of Thailand assistant governor for financial markets operations.

Pimpan said the move is part of the central bank's ongoing push to strengthen oversight of the financial sector. It also aims to tackle "gray money" and fraud, which the central bank counts among the Thai economy's structural problems.

The bank will start by bringing existing money changers up to the new standards and will therefore temporarily stop accepting new operators in 2027.

Applicants who want to start operating in 2027 can still apply under the current rules from Dec. 1 to Dec. 30. They must submit full documentation, as set out in the bank's public guide, at its Bangkok head office or a regional office.

The central bank said it will reopen applications under the new rules from 2028, with two application windows each year, in March and September. ■