BSP prohibits two money-services companies from obtaining licenses


TWO ADDITIONAL COMPANIES have been disqualified by La Monétaire board of directors of Bangko Sentral ng Pilipinas (BSP) to obtain a license after it was discovered that they were operating unregistered Money Services Businesses (MSBs).

One of the entities disqualiIfed was Feb Thirdy 1 Money Changer located in Pasay City, with Alberto M. Sta. Ana as resource person.

The Currency Board also disqualified Maruel Money Changer, also located in Pasay City, with Ariel E. Narisma as a resource person.

The BSP has stated that both entities and any sole proprietorships owned and/or controlled by the respective owners or operations will be disqualified.Ifprohibited from obtaining a license to engage in any activity supervised by BSP.

The disqualification is in accordance with Section 901-N of the BSP Handbook of Regulations for Nonbank Financial Institutions.

This “is part of BSP’s efforts to combat the proliferation of entities engaged in operating unauthorized ESMs,” the central bank said.

Pawnbrokers, along with money changers, foreign exchange bureaus, and money transfer agents, are considered MSBs by the BSP.

In April, the BSP banned Vility currency exchange services located in Batangas City and H&F currency exchange services in Dagupan City, Pangasinan.

The central bank also disqualified Panabo City Business Center and Bacoor City PAYB Bill Payment and Remittance Center.

Last year, the BSP disqualiIfprevented nine ESMs from registering, Iffive of them are located in Makati City: Sam Money Changer, Tasneem Foreign Exchange (FX) Services, Zhamme FX Service, Junaidi Money Exchange Services and Marygin FX Services.

Also prohibited are LM Money Changer, Adahn Money Changer, Mudzmar Money Change Services and Zhenrihada Money Change Services.

Pawnshops and MSBs are considered by the BSP as access points for Iffinancially unserved and underserved areas of the country. — KB Ta-asan

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