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Manila Bulletin devider Business devider BSP bans 2 more money service companies

BSP bans 2 more money service companies

Published Apr 28, 2022 03:44 pm

The Bangko Sentral ng Pilipinas (BSP) has disqualified two more money service business (MSB) companies and banned them indefinitely from registering with the BSP.

Banned were Vility Foreign Exchange Services located in Batangas City, and H&F Foreign Exchange Services in Dagupan City, Pangasinan.

The BSP said on Thursday, April 28, that its policy-making body the Monetary Board has disqualified the two MSBs and “any sole proprietorship owned and/or controlled by their respective owners/operators from registering with, and/or obtaining a license from, the BSP to engage in any activity supervised by the BSP.”

Pawnshops, along with foreign exchange dealers/money changers and/or remittance agents, are referred as MSBs by the BSP. Money transfers and foreign exchange dealership also includes virtual assets.

Previously in March, the BSP disqualified Mer's Business Center in Panabo City and PAYB Bills Payment and Remittance Center in Bacoor City from registering from the BSP.

Last year, the BSP disqualified nine MSBs. Five of which are located in Makati City such as: Sam Money Changer; Tasneem Foreign Exchange (FX) Services; Zhamme FX Service; Junaidi Money Exchange Services; and Marygin FX Services.

Also disqualifed were LM’s Money Changer, Adahn Money Changer, Mudzmar Money Changing Services, and Zhenrihada Money Changing Services.

The BSP has been intensifying its efforts to crack down on unauthorized MSB operations.

Pawnshops and MSBs remain as major financial access points in the country particularly in providing remittance services and other financial services in the countryside.

About 83 percent of pawnshop offices also have corollary businesses and they also offer remittance or money-changing.

Based on the BSP’s 2019 Financial Inclusion Survey, pawnshops and MSBs were the top remittance channels used by 98 percent of senders and 93 percent of receivers.

The BSP supervises more than 7,000 MSBs and almost 15,000 pawnshops.

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