Benise Balaoing

The facade of the Bangko Sentral ng Pilipinas on February 15, 2024. Jonathan Cellona, ABS-CBN News

Article (news)

Bangko Sentral ng Pilipinas

ABS-CBN News

MANILA — The Bangko Sentral ng Pilipinas (BSP) has set a P500,000 limit for withdrawals to prevent money laundering.In its latest circular, the Bangko Sentral said withdrawals of more than P500,000 shall only be made through &quot;traceable channels &quot; such as check payments, fund transfer, direct
credit to deposit accounts, or other form using the digital payment
platform of the bank. &quot;The same limit applies to cash transactions in equivalent foreign currencies. The limit may be reached in a single transaction or series of transactions within one banking day,&quot; the BSP said. The P500,000 may be withdrawn in a
single transaction or in series of transactions within one banking day.Withdrawals exceeding P500,000 must be subjected to enhanced due diligence, the BSP said. Customers must also submit additional identification documents or proof of legitimate businesses before the BSP can allow the transaction.If the bank cannot complete the enhanced due diligence, or if it believes that conducting said due diligence will tip off the customer, it must file a suspicious transaction report and monitor and review the account.Banks, however, may impose a lower cash transaction limit based on its internal risk assessment or a customer&#x27;s financial profile.&quot;Through this reform, the BSP aims to strengthen measures against the use of cash for illegal activities, promote trust in the financial system, and ensure that it can respond to new risks,&quot; the central bank said.

The Bangko Sentral ng Pilipinas has set a P500,000 limit for withdrawals to prevent money laundering.

The Bangko Sentral ng Pilipinas has set a P500,000 limit for withdrawals to prevent money laundering.

BSP sets P500k limit for cash withdrawals to prevent money laundering

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BSP sets P500k limit for cash withdrawals to prevent money laundering

Benise Balaoing,

ABS-CBN News

Published Sep 19, 2025 11:17 AM PHT

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Updated Sep 19, 2025 02:41 PM PHT

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