The Bangko Sentral ng Pilipinas (BSP) has cracked down on unauthorized money service businesses (MSBs) operating without a license, reflecting its commitment to maintaining a robust financial system in the Philippines.
In its ongoing efforts to curb the proliferation of unauthorized MSBs, the BSP has disqualified six firms from registering as MSBs, bringing the total number of banned entities this year to eight, including two others disqualified in February.
These firms, located in Pasay City, Makati City, and San Fernando, Pampanga, have been identified as Bontoy Money Changer, Nurul Money Changing Services, Globexmc Foreign Exchange Services, J-Mar Foreign Exchange Service, Mariada Money Exchange Services, and Money Changer.
The operators of these entities, including Mohammad S. Sauti Yaser H. Pacundo, Shelly Mohammad Tillah, Fahadmajiel Sakaluran, Rauf Haroun Mohammad, and Mary Grace S. Santos, were found to be operating without proper authorization.
By disqualifying these entities, the BSP sends a strong message that unauthorized operations will not be tolerated.
While the number of registered MSBs has experienced a modest increase from 7,570 in 2021 to 7,584 by the end of 2022, the BSP remains vigilant in its efforts to ensure that all MSBs operate within the boundaries of the law.