THE BANGKO SENTRAL ng Pilipinas (BSP) has canceled the registration of a money service business, it said in a statement on Monday.
The BSP said the Monetary Board approved the cancellation of the registration of Fil-Express International Remittance & Delivery Services, Inc., in its resolution dated Oct. 16.
The business was found violating Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions for a Money Service Business.
A money service business refers to financial services that involve the acceptance of cash, checks, other monetary instruments or other stores of value, and the payment of a corresponding sum in cash or other form to a beneficiary by means of a communication, message, transfer, or through a clearing network to which the service provider belongs, according to a BSP definition.
These include remittance and transfer companies; remittance service agents; and money changer/foreign exchange dealers, among others.
Latest data from the Anti-Money Laundering Council showed there are a total of 687 money service businesses registered with them as of March 27. — Luisa Maria Jacinta C. Jocson
