BSP caps bank cash withdrawals at P500,000 to curb laundering

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has ordered banks to limit over-the-counter cash withdrawals to ₱500,000 a day. This measure aims to reduce money laundering risks associated with large-value transactions.

The directive comes as the BSP investigates bank accounts linked to individuals accused of irregularities in government flood control projects. The central bank continues to strengthen its efforts to promote transparency and combat financial crimes in the country.

https://business.inquirer.net/547952/bsp-caps-bank-cash-withdrawals-at-p500000-to-curb-laundering