BSP voids registration of 2 remittance agents

MANILA, Philippines — The Bangko Sentral ng Pilipinas on Tuesday said monetary authorities cancelled the registration of Edzen Enterprises and World Wide Money Changer for violating the Anti-Money Laundering Act.

According to the BSP, Edzen Enterprises and World Wide Money Changer were sole proprietorships owned by Zenaida Artuz and Elliot Artuz, respectively. 

The two businesses were registered as “remittance agent/foreign exchange dealer/money changer,” the central bank added.

“The cancellation was due to significant violations of their Deeds of Undertaking, specifically on the commitment to strictly comply with Republic Act No. 9160, as amended, and its Revised Implementing Rules and Regulations,” the BSP said.

The central bank also said the two businesses violated the minimum procedures on the sale and purchase of foreign currencies and the transactional requirements for large value payouts.

The BSP provides policy directions in the areas of money, banking and credit. It supervises operations of banks and exercises regulatory powers over non-bank financial institutions with quasi-banking functions.