The National Bank of Cambodia (NBC) has made it clear that Cambodian authorities are taking measures to monitor all banking and financial institutions in Cambodia — particularly over the past two days — in relation to Prince Bank Plc.
In an October 18 press release, the NBC noted that as the regulator of Cambodia’s banking system, it has observed that over the past few days, some customers have expressed concerns and withdrawn their funds, particularly from Prince Bank.
The NBC informed the public that all banks and financial institutions in Cambodia are under strict regulatory oversight and maintain sufficient liquidity (cash reserves) to meet the cash demands of their customers.
It also shared specific comments regarding Prince bank.
“The relevant Cambodian authorities have taken and are continuing to take careful monitoring and investigative actions to ensure that this bank is in full compliance with Cambodian laws. At the same time, the National Bank of Cambodia has taken and is continuing to take the necessary measures to ensure the normal operations of customer accounts at Prince Bank Plc., and especially to ensure the safety of customers’ funds at this bank,” it said.
The NBC comments follow an October 15 statement by the US Federal Bureau of Investigation (FBI), which announced charges against Chen Zhi, the major shareholder of Prince Bank Plc., for his alleged involvement in online scam operations. The FBI also reported the freezing of approximately $15 billion in assets.
