2 Nov 2019

Wallis and Futuna struggles with bank restrictions

9:23 am on 2 November 2019

Reports from Wallis and Futuna say many bank customers are unhappy about new restrictions on cash withdrawals.

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Photo: 123RF

The public broadcaster said the territory's only bank the Bank of Wallis and Futuna has to comply with French laws aimed at curbing money-laundering.

This means that an individual cannot withdraw more than $US1,000 in cash a month.

The broadcaster said this was inconvenient for some business owners who say they needed to pay their staff in cash because many didn't have bank accounts.

The bank is said to be keen to help customers adjust to the new rules.

The broadcaster quoted one customer as saying the bank once closed temporarily because it lacked cash.

The Bank of Wallis and Futuna is a subsidiary of PNB Parisbas.