THE MONETARY BOARD has disqualified six firms from securing a license with the Bangko Sentral ng Pilipinas (BSP) after they were found operating unregistered money service businesses (MSBs).
The central bank banned two MSBs in Pasay City, namely Bontoy Money Changer with Mohammad S. Sauti as a point person and Nurul Money Changing Services, which was operated by Yaser H. Pacundo.
Also disqualified are three MSBs in Makati City, namely Globexmc Foreign Exchange Services, J-Mar Foreign Exchange Service, and Mariada Money Exchange Services. These businesses were owned and operated by Shelly Mohammad Tillah, Fahadmajiel Sakaluran, and Rauf Haroun Mohammad, respectively.
The Monetary Board likewise barred Money Changer, located in San Fernando City, Pampanga with Mary Grace S. Santos as the point person.
According to the BSP, the six entities and any sole proprietorship owned and/or controlled by the respective owners or operators will be disqualified from obtaining a license to engage in any activity supervised by the central bank.
Pawnshops, along with foreign exchange dealers, money changers, and remittance agents, are considered as MSBs by the BSP.
As of end December 2022, BSP-registered money service businesses had 7,584 head offices and branches nationwide. — Keisha B. Ta-asan