The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas, on Friday limited the maximum cash payout of money transfer business to P500,000.
MB said the cap was part of the updated comprehensive framework for money service businesses amid tighter compliance with the Anti-Money Laundering Law.
Monety transfer business include remittance and transfer companies, money changers and foreign exchange dealers.
Large value payouts of over P500,000 or the foreign currency equivalent in any single transaction with customers should be made through check payment, or direct credit to deposit accounts.
The Bangko Sentral is also limiting the sale of foreign currencies to a maximum of $10,000 or its equivalent and to $50,000, or its equivalent per month per customer.