The Bangko Sentral ng Pilipinas (BSP) has increased the cash withdrawal threshold that triggers enhanced due diligence (EDD) to ₱1 million, up from ₱500,000.

In a statement Tuesday, the BSP said BSP Circular No. 1230, issued on Feb. 27, raises the limit to allow regulators and banks to focus on higher-risk activities while streamlining legitimate and recurring transactions.

The central bank said consultations with banks and industry stakeholders showed that many transactions exceeding the previous ₱500,000 threshold were legitimate, including payroll releases, loan proceeds, and project-based disbursements.

The adjustment also takes into account the results of the latest anti-money laundering National Risk Assessment and surveillance monitoring, underscoring the need to maintain strong risk-based safeguards to protect the integrity of the financial system.

Under the new circular, depositors may withdraw up to ₱1 million without undergoing EDD. Withdrawals beyond that amount will require proof that the transaction is legitimate.

BSP-supervised financial institutions may still impose lower thresholds based on their own risk assessments. For clients with regular large transactions, EDD will be applied per customer rather than per transaction.

The new issuance amends BSP Circular No. 1218, which introduced the ₱500,000 threshold in September 2025 to help curb money laundering and other illicit financial activities.

The BSP clarified that there remains no threshold for non-cash withdrawals.