MANILA (Reuters) – The Philippine central bank has tightened the noose on large cash withdrawals, ordering banks to conduct “enhanced due diligence” for transactions exceeding 500,000 pesos ($8,748.75) in an effort to curb money laundering.

The new rule comes amid a government-led anti-corruption crackdown on infrastructure projects, which has already resulted in the freezing of more than a hundred bank accounts tied to contractors and public work officials now under investigation.

The Bangko Sentral ng Pilipinas, in a September 18 circular, said transactions above 500,000 pesos, or their foreign currency equivalent, must be traceable through channels such as cheques, online fund transfers, direct credit to deposit accounts, or digital payments.

The cap applies to a single transaction o

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