The Bangko Sentral ng Pilipinas (BSP) has completely barred 4 Manila Metropolis-based entities and their respective proprietors from registering or securing licenses to function below its supervision.
The Financial Board, the Central Financial institution’s policymaking physique, discovered that the companies had operated as cash service companies (MSBs) with out prior BSP registration, citing Part 901-N of the Guide of Rules for Non-Financial institution Monetary Establishments in executing the disqualifications.
Furthermore, the enforcement motion extends to any sole proprietorships owned or managed by the identical people.
The BSP stays agency in its resolve to make sure that monetary service suppliers function inside the bounds of the legislation.
Vicente T. de Villa III, Director, Monetary Supervision Division, Bangko Sentral ng Pilipinas
The Blacklisted Entities
Hanie Cash Altering Companies
- Proprietor: Karim B. Jabail
- Location: 1227 A. Mabini St. nook P. Faura St., Ermita
Jonathan Sanoy Cash Changer
- Proprietor: Jonathan A. Sanoy
- Location: LS-05 Fundamental Station Constructing, Tutuban Heart, Tondo
Czasha Cash Changer
- Proprietor: Marna G. Fernandez
- Location: 1620 A. Mabini St., Malate
Rajahs Cash Changer
- Proprietor: James Michael D. Lim
- Location: 1C 15 & 17 G/F 999 Procuring Mall Constructing 2, Soler St., Binondo
What’s a Cash Service Enterprise?
MSBs are non-bank monetary establishments that provide providers together with forex trade, cash transfers, and remittance operations. Within the Philippines, MSBs should register with the BSP to make sure adherence to monetary rules and to discourage illicit actions akin to cash laundering.
The Central Financial institution has beforehand disqualified different MSBs and digital asset service suppliers for working with out authorization
In 2021, a number of unregistered entities had been sanctioned by the BSP, as reported by BitPinas. These enforcement actions type a part of the BSP’s broader initiative to take care of monetary system integrity and defend customers.
This text is revealed on BitPinas: BSP Blacklists 4 Manila Money Service Businesses for Skipping License
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