HALISTER1: Philippines to Limit Money Service Companies’ Cash Transactions

Philippines to Limit Money Service Companies’ Cash Transactions

(Bloomberg) -- Large value payouts of >500,000 pesos in any single customer or counter parties shall be made only via check payment or direct credit to deposit accounts, Bangko Sentral ng Pilipinas says in statement.
  • Money changers, FX dealers allowed to sell currency valued as much as $10,000 per transaction and as much as $50,000 a month per customer
  • Money service companies are given six months from date new regulation takes effect to secure central bank registration
  • NOTE: Philippines Seeks Tighter Scrutiny, Stiffer Penalty After Bangladesh Heist Link
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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BSNZ PM (Bangko Sentral ng Pilipinas)

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