Clarification on the Implementation of BSP Circular 1218 Series of 2025 on Large Value Cash Transactions

BANGKO SENTRAL NG PILIPINAS
To All BSP-Supervised Financial InstitutionslBSFls} Clarification on the Implementation of BSP Circular 12/8, Series of 2025 megulation on Large Value Cash Transactions)' In implementing the enhanced due diligence (EDD) requirements under BSP Circular No. 12/8. ' BSFls shall conduct EDD for cash withdrawals exceed in P500.000, on a per customer basis, instead of per transaction basis. This shall cover the customers usual business transactions. Subject MEMORANDUM No. M-2026-005 OFFICE OFTHE GOVERNOR BSFls may also adopt streamlined EDD considering the customer's risk rofile. nature of business or operations, and transaction patterns. Streamlined EDD may be applied to bank-to-bank transactions. such as inter-branch or inter-bank cash requirements. or loan disbursements, For cash payouts or withdrawals during declared calamities/emergencies, certification from the head of agency may be obtained. Meanwhile. more rigorous EDD shall be applied when transactions deviate from a customer's expected behavior or present heightened risks, BSFls must ensure that EDD procedures do riot unduly delay legitimate transactions by streamlining processes and providing branch personnel with targeted training to promote consistent, efficient. and effective implementation, For guidance and strict implementation. February 2026 I^,.^ Including BSP Memorandum No. M-2025 036 dated 30 October 2025 containing the Fre uentl Asked Q t' on the Regulation on Large Value Cash Transactions ELI M. REMOLONA. R. Governor