BSP Raises Cash Withdrawal Threshold to P1 Million for Money Laundering Checks
March 4, 2026 — The Bangko Sentral ng Pilipinas (BSP) has announced a significant update to its cash withdrawal reporting regulations as part of ongoing efforts to strengthen anti-money laundering measures in the country. Effective immediately, the cash withdrawal threshold requiring scrutiny for money laundering checks has been raised to P1 million.
Previously, financial institutions were mandated to flag and report cash withdrawals exceeding a lower threshold to the authorities, a key procedure in the BSP’s framework to detect and prevent illicit financial activities. This adjustment to the P1 million threshold aims to streamline monitoring processes while continuing to safeguard the integrity of the financial system.
The BSP emphasized that this change does not weaken its commitment to combatting money laundering and terrorism financing but rather aligns regulatory practices with current economic realities and transactional volumes. Financial institutions remain responsible for implementing proper due diligence and compliance protocols for transactions that meet or exceed the new threshold.
This latest directive is part of the BSP’s broader mandate to uphold sound banking operations and ensure transparency within the financial sector. It also reflects the central bank’s responsiveness to evolving financial patterns and its collaboration with domestic and international regulatory bodies.
For account holders and clients of banks and other financial entities regulated by the BSP, this means cash withdrawals of P1 million or more will be subject to more rigorous reporting and verification measures to help prevent the misuse of the financial system.
ABS-CBN News will continue to monitor this development and provide updates on regulatory changes affecting the Philippine financial sector.
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