Thailand Cracks Down on Money Laundering: Over 10,000 Crypto Platform Accounts Frozen

Thai cryptocurrency platforms have recently strengthened their anti-money laundering (AML) measures, freezing over 10,000 "puppet accounts" suspected of being used for money transfers. According to Att Thongyai Asavanund, President of the Thai Digital Asset Operators Association (TDO), as revealed to the Bangkok Post, this achievement is due to the upgraded monitoring mechanisms implemented collaboratively by regulators and the industry, effectively identifying and blocking suspicious fund flows. TDO, as the industry representative of licensed digital asset service providers in Thailand, covering mainstream crypto exchanges and brokers, is working closely with the Securities and Exchange Commission (SEC). At a joint inter-agency meeting in February 2025, the SEC, police, banks, and crypto companies jointly developed stricter guidelines for identifying and handling suspicious accounts. SEC Deputy Secretary-General Jomkwan Kongsakul stated that both parties have jointly issued rapid response procedures for different types of "puppet accounts" and promoted data sharing mechanisms between crypto platforms, commercial banks, and law enforcement agencies to enhance cross-system early warning capabilities. This move marks a key step for Thailand in regulating the digital asset market, aimed at curbing the transfer of illegal funds through crypto channels and strengthening the transparency and security of the financial system.