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May 31, 2024

BSP revokes Cosmic Money Exchange’s registration as FX dealer due to AMLA violations

The Bangko Sentral ng Pilipinas has cancelled the registration of Cosmic Money Exchange as money changer and foreign exchange dealer.

In a circular dated August 30, BSP Deputy Governor Chuchi Fonacier informed all financial institutions that the Monetary Board has approved the cancellation of Cosmic Money Exchange’s registration as a money changer/foreign exchange dealer.

Fonacier said the Monetary Board approved the cancellation of the registration of Cosmic Money Exchange as early as March 2, 2023 for serious violations and noncompliance to the Anti Money Laundering Act.

Fonacier said Cosmic Money Exchange also violated the terms of its deed of undertaking as a money service business.

Located in Mabini St. in Ermita, Manila, Cosmic Money Exchange was still in the list of money service businesses registered with the Anti Money Laundering Council as of November 30, 2022 and was not due for updating.

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