Cambodia’s central bank steps in after Prince Bank withdrawal complaints
Cambodia’s central bank has guaranteed deposit safety after customers reported trouble withdrawing money from Prince Bank following US–UK sanctions.
According to Kiripost, a Cambodian media outlet, the National Bank of Cambodia (NBC) issued a statement late on Saturday (October 18) assuring the public that all customer accounts remain accessible and secure. The bank emphasised that all financial institutions are legally required to maintain sufficient liquidity to meet withdrawal demands.
The statement came four days after the sanctions were imposed on Prince Bank, its parent company Prince Holding Group, majority shareholder Chen Zhi, and 143 other entities and individuals across Cambodia and abroad by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the UK Foreign, Commonwealth and Development Office (FCDO) for alleged illegal activities.
The NBC said it was conducting a careful review to ensure Prince Bank complies with Cambodian law, adding that it was taking necessary measures to maintain the normal operations of customer accounts, particularly the safety of customer funds.
The central bank also noted that in recent days, customers of Prince Bank and other banks had begun withdrawing their deposits out of concern. It reiterated that Cambodia’s financial institutions operate under strict regulations and maintain sufficient cash liquidity to meet customers’ withdrawal needs.
On Friday, Prince Bank announced it had appointed international legal counsel to conduct a comprehensive review of the sanctions, describing them as “extremely serious.” The bank said it was working closely with authorities to develop a clear roadmap for its removal from the sanctions list as quickly and efficiently as possible.
However, many customers expressed anger on the bank’s Facebook page, complaining that US dollar transactions had been delayed or failed to reach recipients. Some feared their funds might be frozen due to the sanctions.
One customer wrote, “When will my hard-earned money come back?” while another said, “I’ve been sending money since 7am on the 16th, and it’s been over 24 hours, I haven’t seen any money credited to my account.”
In response, the bank insisted its operations — including mobile applications and ATMs — were functioning normally and that its financial position remained sound.
“The Board would like to assure the public that Prince Bank maintains adequate liquidity and is fully solvent. To our customers: your deposits and financial interests remain secure,” the statement read.
