At present, customer service processes of business operators already include KYC and CDD procedures to verify customer identity and profile prior to the provision of services. However, in light of rapid technological developments and increasingly complex financial behaviors, the SEC, together with relevant agencies and the private sector, recognizes the need to further strengthen and broaden KYC/CDD standards. In 2025, the SEC enhanced KYC/CDD standards for digital asset business operators. Building on this effort, the SEC now intends to establish consistent supervisory guidelines for securities and derivatives business operators, while coordinating closely with the Anti-Money Laundering Office (AMLO) to ensure alignment in regulatory direction. The key elements of the proposed measures are as follows:

1. Strengthening Enhanced CDD and the monitoring of unusual transactions by requiring business operators to take the following actions:
(1) Conduct Enhanced CDD in cases where information provided by customers regarding occupation, source of income, or financial status is inconsistent, or does not align with observed behavior or transaction patterns. Examples include transfers of cash or shares into an account in amounts disproportionate to the customer’s stated income; customers borrowing substantial sums to invest despite having limited registered capital; or customers receiving transfers of shares from accounts under the same name held with other operators in amounts exceeding the customer’s financial capacity;
(2) Consider submitting Suspicious Transaction Reports (STRs) to AMLO in cases where reasonable grounds for suspicion exist. For example, where a securities company identifies unusual fund transfers into a customer’s account followed by transfers out on the same day, without securities trading activity or with only minimal trading, and where Enhanced CDD has been conducted but fails to establish a reasonable explanation;
  (3) Continuously monitor and scrutinize transactions of customers exhibiting unusual behavior after Enhanced CDD has been conducted, and ensure that such Enhanced CDD is subject to an additional level of review;
(4) Implement appropriate risk management measures for customers with unusual transaction patterns, such as delaying withdrawals, reducing trading limits, or refusing to provide services;
(5) Impose withdrawal delay measures for customers who do not provide supporting evidence of income sources or financial status at time of account opening, and consider conducting Enhanced CDD to obtain additional information.

2. Imposing more stringent conditions on deposits and withdrawals
The SEC will establish clearer and more robust guidelines for customer deposits and withdrawals, including the following:
(1) Deposits and withdrawals must be conducted exclusively through bank accounts bearing the same name as the customer. The use of third-party bank accounts or cash transactions will not be permitted.
(2) In cases where cash is deposited at a bank into a trading account, the business operator must verify that the deposit is made by the account holder. If the transaction amount is inconsistent with the customer’s financial status, Enhanced CDD must be conducted to verify the purpose of the transaction and the customer’s financial capacity. If the explanation remains unreasonable, the business operator must submit an STR and continue monitoring the transactions.

Mrs. Pornanong Budsaratragoon, Secretary General of the SEC, stated: “The enhancement of KYC/CDD standards forms part of the SEC’s ongoing efforts to combat illicit financial flows. These measures are intended to prevent and deter the misuse of the capital market and digital assets as channels for money laundering and technology-related crimes. The SEC has also previously strengthened the criteria for determining persons deemed to be major shareholders of business operators to encompass ultimate beneficial owners, including indirect shareholdings and concerted control arrangements, thereby reinforcing the credibility and confidence of the industry and the capital market as a whole.”

In this regard, the SEC has engaged in consultations with the Association of Thai Securities Companies (ASCO), the Association of Investment Management Companies (AIMC), and business operators through focus group meetings. In addition, the SEC is currently seeking comments and suggestions to refine the proposed guidelines to ensure practical implementation without imposing undue burden, and expects to formally announce the measures in April.