Remittance

of the effectivity of the new regulations to secure BSP registration.

Upon the expiration of the transi - cates of Registration (COR) previously issued by the BSP shall be considered automatically canceled. Banks are prohibited from doing business with unregistered MSBs.

The regulator is also limiting the ability of MSBs to transact in cash. Large value pay-outs of more than P500,000 or its foreign currency equivalent, in any single transaction with customers or counterparties, shall only be made via check payment or direct credit to deposit accounts.

Foreign Exchange Dealers (FXDs)/Money Changers (MCs) shall be allowed to sell foreign currencies in the amount not exceeding $10,000 or its equivalent and not to exceed $50,000, or its equivalent per month per customer, it added.

“However, exemption or higher limits may be granted by the BSP the business model of the FXDs/ MCs,” it said.

The BSP noted that major the new regulation and non-compliance with the Deed of Undertaking may result in cancellation of the BSP COR or other sanctions depending on the gravity.

“The recently approved MSB oversight framework is part of the package of reforms being instituted by the BSP to promote a more responsive regulatory en institutions under the BSP’s jurisdiction,” it said.