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BSP cancels licenses of two money service firms

THE MONETARY BOARD has revoked the operating licenses of two money service firms, the central bank said.

The policy-setting body of the Bangko Sentral ng Pilipinas (BSP) has canceled the registration of Jane Money Changer and Efinancing, Inc., according to a circular letter signed by BSP Deputy Governor Chuchi G. Fonacier on June 26.

The two firms violated the provisions and requirements of section 901-N of the Manual of Regulations for Non-Bank Financial Institutions, the BSP said.

“The non-registration with the Anti-Money Laundering Council and violation of the duly executed Deed of Undertaking with the BSP are among the grounds for the cancellation of the BSP registration of Jane Money Changer,” the central bank said.

Pawnshops, along with foreign exchange dealers, money changers, and remittance agents, are considered as money service businesses (MSBs) by the BSP.

Last week, the Monetary Board also disqualified six money service firms from securing a license with the BSP for operating unregistered businesses.

Pawnshops and MSBs are seen by the BSP as access points for the financially unserved and underserved areas in the country.

As of end-December 2022, BSP-registered money service businesses had 7,584 head offices and branches nationwide. — KBT

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