Move forms part of BSP's drive to weed out erring money service businesses
Manila: The Bangko Sentral ng Pilipinas (BSP) has taken decisive action to strengthen financial integrity and the fight against money laundering by revoking the licences of three foreign exchange and remittance companies.
This major move signals the central bank’s ongoing crackdown on compliance breaches in the financial services sector.
The BSP announced the cancellation of the registrations of the following companies:
Prince Rockwell Money Changer Corp.
Kings Hopewell Group Corp.
World Reliance Trading Corp.
These establishments operated as money changers, foreign exchange dealers, and remittance agents in the Philippines.
According to the BSP advisory, the licences were revoked due to “serious and persistent” violations of the Manual of Regulations for Non-Bank Financial Institutions, along with breaches of the Anti-Money Laundering Act of 2001 and its revised implementing rules and regulations.
While specific details about the nature of these violations were not disclosed, the central bank emphasised that the infractions were significant enough to warrant regulatory intervention and eventual license revocation.
The Monetary Board, BSP’s highest policy-making body, also denied these companies’ requests for reconsideration, cementing the finality of the decision.
Official notices did not specify the main centres of operation for each company.
However, historically, such money service businesses (MSBs) have been concentrated in major urban and economic hubs, including Metro Manila and nearby provinces, where remittance and foreign exchange demand is high.
The three companies are now prohibited from offering money changing, foreign exchange, and remittance services.
BSP urges the public to transact only with BSP-registered MSBs for their remittance and currency needs.
Further regulatory reviews continue, and the BSP may take additional actions as needed to ensure compliance.
Clients of these companies may need to seek alternative, licensed partners for their foreign exchange and remittance transactions.
This measure serves as a warning to all non-bank financial institutions to strictly comply with anti-money laundering rules and BSP regulations, as per Fintech News.
The revocation is part of a series of clampdowns on erring money service businesses.
In 2024 and early 2025 alone, at least nine MSBs — including six in 2024 — have had their licences revoked for violations mainly linked to anti-money laundering and registration breaches, according to the Business Inquirer.
The latest action underscores the BSP’s drive to weeding out high-risk operators within the sector.
The BSP’s rigorous enforcement actions underscore its resolve to maintain institutional trust, deter unlawful actors, and ultimately protect Filipino users of remittance and foreign exchange services.
As global and local threats of financial crimes evolve, such efforts are crucial for upholding the integrity of the Philippine financial system.
For a full list of licensed MSBs or to verify an operator’s current status, consumers are advised to consult the official BSP website or seek guidance from BSP-accredited institutions.
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