Why Do Banks Verify Transactions?

Banks conduct verifications, especially for large transactions like BingoPlus withdrawals, to comply with the Anti-Money Laundering Act (AMLA) and prevent financial crimes. These checks protect both users and institutions by ensuring transparency and legality.

Key Purposes of Verification

1. Prevent Money Laundering:
   Banks must confirm that funds (e.g., BingoPlus winnings) are from legitimate sources and not linked to illegal activities.
2. Combat Fraud:
   Detects fake accounts, identity theft, or unauthorized transactions.
3. Regulatory Compliance:
   Philippine law mandates banks to report suspicious transactions to the Anti-Money Laundering Council (AMLC).
4. Protect Users:
   Ensures your account isn’t misused for scams or terrorist financing.

Why Cooperate with Verification?

• Avoid Account Freezes: Non-compliance can lead to temporary holds or permanent bans.
• Smooth Transactions: Completing checks upfront speeds up future withdrawals.
• Legal Safety: Protects you from unintentional involvement in financial crimes.

Pro Tip: Keep your BingoPlus game records and ID ready to streamline verification for large withdrawals.