MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has revoked the licenses of three non-bank financial institutions due to serious and persistent violations of anti-money laundering regulations.
In a circular signed by BSP Deputy Governor Chuchi Fonacier, the regulator announced the cancellation of the registrations of Prince Rockwell Money Changer Corp., Kings Hopewell Group Corp. and World Reliance Trading Corp. to operate as money changers, foreign exchange dealers and remittance agents.
The central bank’s Monetary Board approved the cancellations through Resolutions 22.A, 22.D and 22.G dated Jan. 4, 2024, citing repeated breaches of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI), specifically Sections 601-N and 901-N. These sections cover anti-money laundering compliance and institutional integrity requirements.
The cancellations were made “in view of serious and persistent violations” of BSP rules, the Anti-Money Laundering Act and the firms’ respective deeds of undertaking, the circular read.
Under Republic Act 9160 or the Anti-Money laundering Act, institutions are required to establish sound anti-money laundering measures and report suspicious transactions, among other compliance requirements.
The three companies had filed motions for reconsideration following the cancellation orders, but the BSP’s Monetary Board, through Resolutions 519, 519.A, and 519.B dated May 22, denied these with finality.
The central bank reminded all BSP-supervised financial institutions to remain fully compliant with existing regulations, especially those related to anti-money laundering and counter-terrorist financing frameworks.
Earlier in January, the BSP cancelled the registration of ETRANSS Remittance International Corp. to operate as a remittance company in relation to key sections in the MORNBFI.
Last year, the central bank cancelled several money service business (MSB) registrations due to violations in sections of the MORNBFI. These include Nikko Foreign Exchange, ForeignEx Inc., Uno Forex Inc. and Fil-Express International Remittance & Delivery Services Inc.
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