# SEC Launches Major Anti-Fraud Measures to Combat Grey Capital in Thailand

- Link: https://www.thailand-business-news.com/banking/298925-sec-launches-major-anti-fraud-measures-to-combat-grey-capital-in-thailand
- Published: 2026-04-09T06:36:00+07:00
- Author: News Desk

The Thai Securities and Exchange Commission (SEC) has unveiled five sweeping measures
to combat illicit “grey capital,” dismantle mule account networks, and curb sophisticated
investment scams targeting retail investors.

**Key Details:**

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 * Tightened KYC and customer due diligence for securities firms, including income/
   occupation verification and behavioral monitoring.
 * Mandatory reporting of suspicious transactions to the Anti-Money Laundering Office
   and enhanced name-matching for deposits/withdrawals.
 * Expanded oversight of beneficial owners and shareholders, including scrutiny 
   of funding sources and stricter disqualifications for money laundering or terrorism-
   related offenses.
 * Enhanced digital asset surveillance using blockchain forensics, alignment of 
   transfer standards with cash-equivalent risks, and implementation of the Travel
   Rule.
 * Cross-agency collaboration via the “Connect the Dots” task force to integrate
   identity, behavior, and financial data for tracking illicit networks.

These measures aim to restore investor confidence and safeguard Thailand’s capital
market integrity amid rising digital fraud and economic risks.

### What is the SEC’s ‘Connect the Dots’ task force targeting?

The Securities and Exchange Commission (SEC) of Thailand has launched a joint task
force called “Connect the Dots” to target illicit financial networks through integrated
data analysis. This initiative is part of a broader strategy to dismantle “grey 
capital” operations, mule account networks, and increasingly sophisticated investment
scams.

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The task force aims to integrate data across identity, behavior, and financial flows
to track illegal activities more effectively. According to Pornanong Budsaratragoon,
secretary-general of the SEC, this inter-agency collaboration involving the Digital
Economy and Society Ministry and the Anti-Money Laundering Office is designed to
trace transactions to their ultimate endpoints and facilitate asset seizure.

Beyond the task force, the regulator is implementing stricter know-your-customer(
KYC) requirements and enhancing surveillance of digital assets. These measures include
using blockchain forensic tools to monitor cross-border flows and tightening oversight
of stablecoin transactions to protect retail investors from widespread financial
losses.

### How many crypto accounts were frozen under ‘Speed Bump’?

Thailand’s digital asset industry, under the newly implemented “Speed Bump” measure,
has frozen over 10,000 suspicious cryptocurrency accounts. Led by the Thai Digital
Asset Operators Trade Association (TDO), this initiative targets the misuse of mule
accounts by criminal networks to facilitate illicit fund transfers.

The Speed Bump measure enforces a 24-hour transaction lock on transfers of 50,000
baht or more. During this period, users must complete additional know-your-customer(
KYC) procedures, such as video verification, to confirm the wallet’s beneficial 
owner. While this approach has effectively curbed illicit transactions, it has also
resulted in increased compliance costs for operators and extended processing times
for legitimate digital asset users.