BSP disqualifies one more money service firm  

THE MONETARY BOARD has banned one more firm from securing a license with the Bangko Sentral ng Pilipinas (BSP) after it was found operating an unregistered money service business (MSB).

In a circular letter signed by BSP Assistant Governor Arifa A. Ala on Sept. 22, the central bank disqualified Riyben Foreign Exchange, which was operated by Benjamin De Guzman San Juan and was located in Tagaytay City, Cavite.

“The above disqualification is pursuant to Section 901-N of the BSP’s Manual of Regulations for Non-Bank Financial Institutions,” the BSP said in a statement.

This is also a “part of the BSP’s efforts to address the proliferation of entities engaged in the operation of unauthorized MSBs,” it added.

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

Earlier in June, the BSP disqualified six firms from securing a license with the BSP after they were also found operating unregistered MSBs.

These are Bontoy Money Changer, Nurul Money Changing Services, Globexmc Foreign Exchange Services, J-Mar Foreign Exchange Service, Mariada Money Exchange Services, and Money Changer.

In February, the Monetary Board banned Kidlat Fast Cash, Inc. and Tong’s Money Changer from registering with the BSP.

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. — Keisha B. Ta-asan