Philippine central bank tightens rules on large cash transactions
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.
The headquarters of the Philippine central bank's Bangko Sentral ng Pilipinas (BSP). Photo courtesy of Reuters/VNA.
Under a new circular issued on Thursday, cash transactions above PHP500,000 (about $8,756) 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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