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Manila Bulletin devider Business devider Banking & Finance devider BSP cancels erring MSB reg'n

BSP cancels erring MSB reg'n

Published Sep 3, 2023 04:31 pm

The Bangko Sentral ng Pilipinas (BSP) has cancelled the registration of money service business (MSB) firm Cosmic Money Exchange (CMX) in violation of BSP rules.

In a circular letter dated Aug. 30, BSP Deputy Governor Chuchi G. Fonacier said the Monetary Board—BSP’s policy-making body – has approved Resolution No. 276 A on March 2 which set the cancellation of CMX.

Fonacier said CMX is banned from operating as a money changer, foreign exchange dealer (MC/FXD) pursuant to BSP’s Manual of Regulations for non-bank financial institutions.

“This is in view of the serious violations and non-compliance with Republic Act No. 9160 or the Anti-Money Laundering Act of 2001, as amended, and its 2018 Implementing Rules and Regulations,” she said in the memo.

This latest MSB ban brings to nine so far for this year.

The BSP has earlier disqualified eight firms from registering with the BSP as MSBs after they were caught operating without a license.

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

Of the six banned MSBs in June, 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, MC and FXD. Pawnshops, along with foreign exchange dealers/money changers and/or remittance agents, are also referred to as MSBs by the BSP.

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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