NBC Moves to Reassure Public Amid Prince Bank Sanctions

kiripost

Cambodia’s central bank has stepped in to calm growing public anxiety after Prince Bank Plc was sanctioned by the US and UK for alleged illicit activity. The National Bank of Cambodia (NBC) announced it is actively monitoring the situation and working to ensure customer accounts remain secure and fully operational.

The move comes as complaints mount from Prince Bank customers reporting delayed USD transactions and fears of frozen funds. NBC stressed that Cambodian banks are subject to strict liquidity requirements and that Prince Bank retains sufficient cash to meet withdrawal demands.

The sanctions, announced last Tuesday, target Prince Bank, its parent Prince Holding Group, and majority shareholder Chen Zhi, who is accused of laundering criminal proceeds through a global network of shell companies. The US Treasury alleges Chen’s operations span over 30 countries and involve more than $15 billion in seized Bitcoin.

In response, Prince Bank has appointed international legal counsel to review the sanctions and pledged to cooperate with regulators to seek removal from the blacklist. The bank insists its operations—including ATMs and mobile apps—remain stable and solvent.

Despite these assurances, social media has been flooded with complaints. One user wrote, “When will my hard-earned money come back?”—a sentiment echoed across dozens of similar posts.

NBC reiterated that it is enforcing compliance with Cambodian banking laws and that financial institutions are equipped to handle customer needs. Prince Bank’s 2024 report shows $1.5 billion in assets and a capital adequacy ratio of $211.2 million, though governance concerns persist given Chen’s 99.56% stake and active role in strategic decisions.

As investigations continue, NBC’s challenge is to restore confidence in Cambodia’s financial system while ensuring transparency and legal compliance.

-2025-10-20