BSP disqualifies four money service firms
THE Monetary Board of the Bangko Sentral ng Pilipinas (BSP) disqualified four more firms from securing a license after they were found operating unregistered money service businesses (MSBs).
The central bank disqualified Nanay Melpops Money Changer located in Pasay City, with Magdalena E. Narisma as a point person.
The Monetary Board also banned Sports Den Money Changer, located in Angeles City, Pampanga with Maria Carmela Tayag Arceo as the point person.
Also disqualified are two MSBs in Baguio City, ASLE-Elise Enterprise and CJT Money Changing and Remittance Services. These businesses are owned and operated by Elsa B. Lee and Cherry Jane P. Tolidan, respectively.
According to the BSP, the four 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 central bank.
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.
The Monetary Board has banned 10 MSBs so far this year. — KBT
