The Central Bank of the Philippines issued Circular No. 1230 increasing the cash withdrawal threshold that triggers enhanced due diligence (EDD) to PHP 1 million from PHP 500,000, aiming to better target higher-risk activity while streamlining legitimate and recurring cash transactions. The change follows consultations indicating many legitimate withdrawals exceeded the prior threshold, including payroll, loan and project-based disbursements, and reflects findings from the latest anti-money laundering National Risk Assessment and surveillance monitoring. Under the updated approach, customers can withdraw up to PHP 1 million without EDD, while withdrawals above PHP 1 million require information to support transaction legitimacy. For individuals and businesses with regular large transactions, EDD is conducted on a per-customer basis rather than per transaction. BSP-supervised financial institutions may set lower thresholds based on their own risk assessments, and no thresholds apply to non-cash withdrawals.
Central Bank of the Philippines 2026-03-03
Central Bank of the Philippines raises cash withdrawal enhanced due diligence threshold to PHP 1 million
The Central Bank of the Philippines issued Circular No. 1230, raising the cash withdrawal threshold for enhanced due diligence (EDD) to PHP 1 million from PHP 500,000. This adjustment targets higher-risk activities while facilitating legitimate transactions, following consultations and findings from the anti-money laundering National Risk Assessment. Financial institutions may set lower thresholds based on risk assessments, and non-cash withdrawals remain unaffected.