2 money changers closed

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has ordered the closure of two more money changers and foreign exchange dealers for failing to comply with anti-money laundering / combating the financing of terrorism (AML/CFT) provisions and other regulations.

In a circular, BSP Deputy Governor Chuchi Fonacier said the Monetary Board has cancelled the registration of Jane Money Changer and EFinancing Inc. to operate as money changer or foreign exchange dealer pursuant to the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI).

Aside from the gross violation of the provisions and requirements of the MORNBFI, Fonacier said other grounds for the cancellation of the registration of both companies include non-registration with the Anti-Money Laundering Council (AMLC) and violation of the duly executed deed of undertaking with the central bank.

As part of its intensified campaign against illegal money service businesses (MSBs) in the country, the BSP last month blacklisted six more unregistered entities operating in Pasay, Makati, and Pampanga.

Disqualified entities include three in Makati City namely: Globexmc Foreign Exchange Services in Poblacion, J-Mar Foreign Exchange Service in Bel-Air, and Mariada Money Exchange Services in San Lorenzo; two in Pasay City including Bontoy Money Changer and Nurul Money Changing Services; and one in Pampanga named Money Changer operating in San Fernando.

The six companies have been disqualified from registering or obtaining a license from the central bank to engage in any activity supervised by the regulator, for engaging in MSB without prior BSP registration.

The regulator wants to make sure that MSBs are not used as a venue for money laundering and terrorism financing activities.

MSB entities include remittance agent and sub-agent, remittance platform provider, electronic or e-money issuer as well as money changer or foreign exchange dealer.

Latest data showed that the number of registered MSBs operating nationwide rose by 1.8 percent to 7,584 in 2022 from 7.449 in 2021. This consisted to 743 head offices and 6,841 branches.