Philippines Central Bank Orders Tighter Checks on Large Transactions

Banks must intensify review of transfers over 500,000 pesos to reinforce anti-money laundering controls.

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Terms & Concepts
  • Anti-Money Laundering (AML): A set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income.
  • Central Bank: The primary monetary authority of a country, responsible for currency issuance, financial stability, and regulatory oversight of banks.