Rules for big cash withdrawals tweaked

The Bangko Sentral ng Pilipinas (BSP) said banks should apply enhanced due diligence (EDD) to cash withdrawals exceeding P500,000 on a per-customer—rather than per-transaction—basis, with reviews anchored on a depositor’s normal business activity. In a memorandum signed on Feb. 6 by Governor Eli Remolona Jr., the central bank said the clarification was meant to ensure