Securities and Exchange Commission Thailand Unveils Coordinated Measures to Tackle ‘Grey Capital’ and Investment Scams

Thailand’s Securities and Exchange Commission (SEC) has rolled out a comprehensive set of measures aimed at addressing illicit “grey capital” flows, dismantling mule account networks, and strengthening oversight of increasingly complex investment scams.

The initiative reflects rising concerns over fraud conducted عبر digital platforms, where retail investors face growing exposure to financial losses. The regulator’s approach combines tighter onboarding controls, enhanced transaction monitoring, and deeper coordination with other authorities.

At the core of the framework is stricter know-your-customer (KYC) and customer due diligence requirements. Securities firms will be required to more rigorously verify client profiles, including income and occupation, while continuously monitoring trading behaviour for inconsistencies. High-risk accounts will be subject to enhanced scrutiny, with mandatory reporting of suspicious transactions to the Anti-Money Laundering Office Thailand.

Additional safeguards include stricter name-matching for fund transfers, delays on higher-risk transactions, and expanded use of enhanced KYC systems to detect mule accounts. The SEC is also extending oversight to shareholders and beneficial owners of licensed entities, targeting complex ownership structures and funding sources linked to potential financial crime.

In the digital asset space, the regulator is strengthening surveillance capabilities through data analytics and blockchain forensic tools. Planned measures include aligning digital asset transfer standards with cash-equivalent risk levels, implementing the “Travel Rule” for transaction transparency, and tightening oversight of stablecoin activities in coordination with the Bank of Thailand.

The SEC is also working with agencies such as the Ministry of Digital Economy and Society Thailand to shut down illegal platforms and enhance asset tracing. A joint task force, “Connect the Dots,” aims to integrate identity, behavioural, and financial data to improve detection of illicit networks.

Secretary-General Pornanong Budsaratragoon said the coordinated approach will strengthen the ability to track suspicious flows and reinforce market integrity.

Alongside enforcement efforts, the SEC is tightening disclosure requirements for listed companies, including faster reporting of ownership changes and enhanced transparency around shareholder structures, supported by advanced data analytics to detect irregularities across markets.