BSP Bans 6 Erring Money Service Businesses

The Bangko Sentral ng Pilipinas (BSP) has disqualified six firms for operating as money service businesses (MSBs) operating licenses in a bid to further protect Filipino finances.

This comes as the BSP said in a statement on Monday the firms were operating without proper registration.

Of the six firms, five are located in Metro Manila, while one is located in San Fernando, Pampanga.

The BSP named the disqualified firms as:

– ​Bontoy Money Changer ​is located in Barangay 107, Pasay City, Metro Manila;
– Nurul Money Changing Services located at Zone 10, Barangay 83, District 1, Pasay City, Metro Manila;
– Globexmc Foreign Exchange Services ​located at Brgy. Poblacion, 1210 Makati City;
– J-Mar Foreign Exchange Service ​located at Bel-Air, 1209 Makati City;
– Money Changer located in Sto. Rosario, City of San Fernando, Pampanga;
– and Mariada Money Exchange Services ​located at San Lorenzo, Makati City

According to the BSP, the disqualification of the erring firms is pursuant to the Manual of Regulations for Non-Bank Financial Institutions.

“The above disqualification is pursuant to Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions, and is part of BSP’s efforts to address the proliferation of entities engaged in the operation of unauthorized MSBs,” the BSP statement said. (GFB)