WebClick Tracer

March 05, 2024

Globexmc faces conviction, barred from money service business

A local court has found the owner and operator of Globexmc Foreign Exchange Services guilty of violating Bangko Sentral ng Pilipinas rules.

According to the BSP, the court convicted Globemexmc beyond reasonable doubt and imposed a fine of P50,000.00, with no eligibility for probation benefits.

Furthermore, due to the criminal conviction, the owner of Globexmc is now barred from owning and/or operating an MSB (money service business).

The BSP has disqualified the individual from registering any entity involved in remittance services, money changing, or foreign exchange dealing.

To date, the BSP has revoked the registration of 14 money service firms for violating its rules.

Money service firms, which engage in remittance, money changing, and foreign exchange dealing, are non-bank entities.

The BSP had previously revoked licenses for Aguinaldo Network International, Lady Diamond Foreign Exchange Service, Riyben Foreign Exchange of Tagaytay City in Cavite, and Cosmic Money Exchange.

In 2022, the BSP disqualified 10 MSBs from obtaining a license to operate due to their failure to register with the BSP.