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May 27, 2024

BSP disqualifies unregistered money service business

The Bangko Sentral ng Pilipinas (BSP) has disqualified Riyben Foreign Exchange from obtaining a license due to its operation as an unregistered money service business (MSB) in Tagaytay City, Cavite.

This is part of BSP’s efforts to combat unauthorized MSBs, following similar actions taken against six other firms earlier this year and in line with the BSP’s recognition of pawnshops, foreign exchange dealers, money changers, and remittance agents as MSBs.

According to BSP data, there are 7,584 egistered money service businesses head offices and branches nationwide as of end-December 2022.