The Bangko Sentral ng Pilipinas (BSP) has disqualified six firms from registering with the BSP as money service businesses (MSBs) after they were caught operating without a license.
So far for this year, the BSP has banned eight MSBs including two other firms disqualified last February.
The BSP said Monday, June 26, that the Monetary Board – BSP’s policy-making body – has disqualified the six entities and any “sole proprietorship owned and controlled by their respective owners or operators from registering with, and/or obtaining a license from the BSP to engage in any activity that is authorized or supervised by the BSP for operating as MSB without prior BSP registration.”
“(The ban) is part of BSP’s efforts to address the proliferation of entities engaged in the operation of unauthorized MSBs,” the BSP added.
Of the six banned MSBs, two are located in Pasay City, three in Makati City and one in San Fernando, Pampanga.
The six entities are identified as: Bontoy Money Changer located in Arnaiz Ave. St., Barangay 107, Pasay City, Metro Manila, owned by Mohammad S. Sauti; Nurul Money Changing Services in Taft Avenue St., Zone 10, Barangay 83, District 1, Pasay City, owned Yaser H. Pacundo; Globexmc Foreign Exchange Services in P. Burgos St., Brgy. Poblacion, Makati City, operated by Shelly Mohammad Tillah; J-Mar Foreign Exchange Service in Constellation St., corner Makati Ave., Bel-Air, Makati City, run by Fahadmajiel Sakaluran; Mariada Money Exchange Services in 906 A. Arnaiz Ave., San Lorenzo, Makati City, operated by Rauf Haroun Mohammad; and Money Changer in Gen. Hizon Ave., Sto. Rosario, City of San Fernando, Pampanga, owned by Mary Grace S. Santos.
Last February, the BSP also disqualified Kidlat Fast Cash Inc. in Dumaguete City, Negros Oriental, and Tong’s Money Changer in Panglao, Bohol.
MSBs are non-bank entities engaged in remittance, money changing and foreign exchange dealing. Pawnshops, along with foreign exchange dealers/money changers and/or remittance agents, are also referred to as MSBs by the BSP.
Money transfers and foreign exchange dealership also includes virtual assets.
Last year, the BSP disqualified 10 MSBs from obtaining a license to operate after failing to register with the BSP.
As of end-2022, the BSP has registered 7,584 MSBs compared to 7,570 in 2021.