Tag: Banko Sentral
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BSP Tightens Rules on Large Cash Withdrawals to Curb Money Laundering
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The Bangko Sentral ng Pilipinas (BSP) has introduced stricter regulations on cash withdrawals exceeding ₱500,000 in a bid to strengthen financial transparency and curb potential money laundering activities. Under the new rule, banks are now required to report and closely monitor high-value withdrawals, with additional documentation and verification processes before…