BSP disqualifies 4 money service businesses

Monetary authorities announced the disqualification of four money service businesses or MSB in conducting any activities supervised by the Bangko Sentral ng Pilipinas (BSP).

According to the central bank, such businesses will also be refrained from obtaining a license with the BSP or engage in any activity under its oversight.

“The said MSB were found operating without BSP registration in violation of BSP rules and regulations governing operations and reporting obligations of non-bank entities engaged in remittance and money changing and/or foreign exchange dealing,” the BSP said in a statement.

The four entities include LM’s Money Changer (Laoag City), Adahn Money Changer (Mandaluyong City), Mudzmay Money Changing Services (Mandaluyong City) and Zhenrihada Money Changing Services (Mandaluyong City).

Still, the BSP said that the move to disqualify the erring establishments was in line with its efforts to crack down illegal MSB.

MSB along with pawnshops have become critical and relevant amid the pandemic as such served as financial service access points to reach the financially unserved and underserved areas in the country.

Data from the BSP show that as of end-December 2020, MSB have a strong presence of 7,214 in the country, more than half of the banks’ 13,044 offices.

MSB entities mainly engage in remittance, money changing and/or foreign exchange dealings, which include e-money issuance among others.

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