The Bank of Thailand has instructed financial institutions and other relevant platforms to strengthen the monitoring of suspected fund flows to combat illegal transactions, according to Governor Vitai Ratanakorn, who was speaking at the central bank's Southern Region Office Annual Seminar on Monday.

The Governor said combating illicit financial activities remains a top priority as it undermines the country's economic and financial foundations.

The move is part of the central bank's attempts to reduce grey money, with the bank also planning to introduce steps where customers will be required to declare the source of funds if they deposit more than 5 million baht in cash.