MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has ordered banks to limit over-the-counter cash withdrawals to P500,000 per day.
This measure is part of the central bank’s efforts to reduce money laundering risks associated with large-value transactions.
The directive comes amid investigations into bank accounts linked to individuals accused of irregularities in government flood control projects.
The BSP continues to strengthen its regulatory framework to ensure the integrity of the financial system and prevent illicit activities.
https://business.inquirer.net/547952/bsp-caps-bank-cash-withdrawals-at-p500000-to-curb-laundering