BSP disqualifies two money service firms from securing licenses
TWO MORE FIRMS have been disqualified by the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) from securing a license after they were found to be operating unregistered money service businesses (MSBs).
One of the entities disqualified was Feb Thirdy 1 Money Changer located in Pasay City, with Alberto M. Sta. Ana as a point person.
The Monetary Board also disqualified Maruel Money Changer, also located in Pasay City, with Ariel E. Narisma as the point person.
The BSP said the two entities and any sole proprietorship owned and/or controlled by the respective owners or operations will be disqualified from obtaining a license to engage in any activity supervised by the BSP.
The disqualification is in accordance with Section 901-N of the BSP’s Manual of Regulations for Non-Bank Financial Institutions.
This “is part of the BSP’s efforts to address the proliferation of entities engaged in the operation of unauthorized MSBs,” the central bank said.
Pawnshops, along with foreign exchange dealers, money changers, and remittance agents, are considered as MSBs by the BSP.
In April, the BSP banned Vility Foreign Exchange Services located in Batangas City, and H&F Foreign Exchange Services in Dagupan City, Pangasinan.
The central bank also disqualified Business Center in Panabo City, and PAYB Bills Payment and Remittance Center in Bacoor City.
Last year, the BSP disqualified nine MSBs from registering, five of which 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 banned were LM’s Money Changer, Adahn Money Changer, Mudzmar Money Changing Services, and Zhenrihada Money Changing Services.
Pawnshops and MSBs are seen by the BSP as access points for the financially unserved and underserved areas in the country. — K.B. Ta-asan
