BSP cancels registration of 14 money changers

The Bangko Sentral ng Pilipinas (BSP) has cancelled the registration of 14 money service business (MSB) operators as of mid-november this year for violating the central bank rules and regulations.

The latest was the cancellation of the BSP registration of Aguinaldo Network International Inc. as an MSB operating as a money changer/foreign exchange (FX) dealer.

The BSP issued a memo on Nov. 10 for the cancellation of the 14th MSB registration for 2023 based on Monetary Board Resolution No. 1207 approved on Sept. 14.

Earlier this month, the BSP also cancelled the registration of Lady Diamond Foreign Exchange Service as an FX dealer/money changer for violation of BSP rules.

MSBS are non-bank entities engaged in remittance, money changing and FX dealing.

Pawnshops, along with FX 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.

Previously in September, the BSP disqualified Riyben Foreign Exchange of Tagaytay City in Cavite from registering with the BSP because it was operating without a BSP registration.

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 offense as CMX.

Meanwhile, before June this year the BSP disqualified six other firms from registering with the BSP as MSBS after they were caught operating without a license.

These were: 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.