Thailand’s Anti-Money Laundering Office is requiring gold and jewelry traders to report any cash transaction worth 1 million baht ($24,000) or more, the Bangkok Post reports. More than 6,000 gold shops and thousands of jewelry shops nationwide will be affected by the new regulation.

The new rule is expected to be enacted in March, and companies that fail to comply could be fined up to 300,000 baht ($7,000) per transaction, the newspaper reports.

Gold and jewelry shops, pawnshops, and agents involved in the exchange of valuable objects must comply with the new rule, the newspaper reports.

JCK