Philippine central bank tightens rules on large cash transactions
Under a new circular issued on September 18, cash transactions above 500,000 PHP (about 8,756 USD) in the Philippines must go through traceable channels such as checks, online transfers, or digital payments.
Hanoi (VNA) – The Philippine central bank (BSP) has tightened regulations on large-value cash transactions to curb money laundering, as the Government investigates alleged corruption in infrastructure projects.
Under a new circular issued on September 18, cash transactions above 500,000 PHP (about 8,756 USD) must go through traceable channels such as checks, online transfers, or digital payments.
Withdrawals above this limit will require enhanced due diligence, and suspicious transactions must be reported. Banks may also set stricter thresholds based on risk assessments.
🧜 The bank said the move aims to prevent the use of cash for illegal activities and promote trust in the financial system./.
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