Bank cash reporting limit raised to Rs3m

ISLAMABAD:

The federal government has increased the threshold for reporting cash transactions at banks from Rs2 million to Rs3 million, requiring financial institutions to report daily cash transactions exceeding the revised limit to the Financial Monitoring Unit (FMU).

Previously, banks were required to report cash transactions exceeding Rs2 million. The revised threshold forms part of a series of measures being taken to strengthen the country's anti-money laundering framework.

The government has also agreed to empower provincial anti-corruption establishments to help prevent money laundering.