MANILA – The Bangko Sentral ng Pilipinas (BSP) has issued new regulations requiring large cash transactions above ₱500,000, or its equivalent in foreign currency, to be conducted through traceable channels to curb money laundering and related risks.

Under Circular No. 1218, series of 2025, released on September 18, transactions exceeding the threshold must be made via checks, online fund transfers, direct credits to deposit accounts, or digital payments. The rule also covers a series of cash transactions within one banking day that collectively breach the ₱500,000 limit.

Withdrawals beyond the cap may still be allowed, but BSP-supervised financial institutions (BSFIs) are required to conduct enhanced due diligence and, if warranted, file a suspicious transaction report. Customers will need to submit additional documents or proof of legitimate business purposes before payouts are approved.

The BSP said BSFIs may impose even lower limits based on risk assessments and the financial profiles of their clients.

The central bank said the reform aims to strengthen safeguards against the use of cash for illegal activities, promote trust in the financial system, and enhance its ability to respond to emerging risks.