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Manila Bulletin devider Business devider Banking & Finance devider BSP bans 1 more erring FX/money changer

BSP bans 1 more erring FX/money changer

Published Sep 25, 2023 09:08 am

The Bangko Sentral ng Pilipinas (BSP) said Monday, Sept. 25, that it has disqualified another money service business (MSB) firm from registering with the BSP for operating without a license.

This brings to 12 the number of both disqualified and cancelled MSBs for 2023. MSBs are non-bank entities engaged in remittance, money changing and foreign exchange (FX) 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.

In a circular letter dated Sept. 22, the BSP said it has disqualified Riyben Foreign Exchange of Tagaytay City in Cavite from registering with the BSP because it was operating without a BSP registration. It is also banned from obtaining a license as an MSB or “to engage in any activity that is authorized or supervised by the BSP”.

“(The ban) is part of BSP’s efforts to address the proliferation of entities engaged in the operation of unauthorized MSBs,” the BSP said previously.

Last Aug. 30, the BSP also cancelled the registration of Cosmic Money Exchange (CMX) as an MSB to “serious violation and non-compliance” of Anti-Money Laundering Act of 2001.

Also on June 26, the BSP cancelled the registration of Jane Money Changer and EFinancing Inc. for the same offence as CMX.

Meanwhile, in June this year the BSP disqualified a total of six firms from registering with the BSP as MSBs after they were caught operating without a license.

The six entities are identified as: Bontoy Money Changer;  Nurul Money Changing Services; Globexmc Foreign Exchange Services; J-Mar Foreign Exchange Service; Mariada Money Exchange Services; and an MSB simply known as “Money Changer” in Gen. Hizon Ave., Sto. Rosario, City of San Fernando, Pampanga.

In February, the BSP also disqualified Kidlat Fast Cash Inc. in Dumaguete City, Negros Oriental, and Tong’s Money Changer in Panglao, Bohol.

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.

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