BSP bans several money changers for operating without licenses

FOR operating as money service businesses without the Central Bank’s registration, several entities have been disqualified from registering with the Bangko Sentral ng Pilipinas (BSP).

In a statement issued last Tuesday, the BSP said that the monetary board has disqualified Nanay Melpops Money Changer in Pasay City and Sports Den Money Changers in Angeles, Pampanga, from registering with, or obtaining a license from, the central bank to engage in any activity supervised by the BSP.

The Central Bank has also disqualified Asle-Elise Enterprise and CJT Money Changing and Remittance Services —both operating in Baguio City—from obtaining a BSP license to operate for the same reasons.

Nanay Melpops is located in Unit S-7, Corcel Arcade Building, Domestic Road Street, Barangay 190, Pasay City Metro Manila with Magdalena E. Narisma as the listed owner.

Sports Fen Money Changers, meanwhile is in 12 Pasilio Rosal Santo Rosario, Angeles City, Pampanga, and is owned by Maria Carmela Tayag-Arceo.

Asle-Elise Enterprise has a business address at Stall 208 Sari Sari Proper, City Market, Kayang Hilltop, Baguio City, owned and operated by a certain Elsa B. Lee.

CJT Money Changing and Remittance Services is operating from Stall 148 Sari Sari Proper, City Market, Kayang Hilltop, Baguio City and is owned and operated by a certain Cherry Jane P. Tolidan.

The MB disqualification also includes any sole proprietorship owned and/or controlled by the listed owners and operators of the affected entities.

The BSP said the disqualification is pursuant to Section 901-N of the BSP’s Manual of Regulations for Non-Bank Financial Institutions and is part of BSP’s efforts to crack down on illegally operating money service businesses. Just last month, the BSP also announced that it has imposed a similar disqualification on Feb Thirdy 1 Money Changer and Maruel Money Changer, both located in Pasay City.


Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Previous Article

US, South Korea to begin expanded military drills

Next Article

Moneybees, Tambunting ink deal in crypto trading

Related Posts

KPMG Perspectives
Read more

Cybersecurity considerations in 2023

OUR future is dependent on data and digital infrastructure. We now have a complex tapestry of public-private partnerships, connected ecosystems, and information infrastructures. And as the degree of interconnectedness and dependency increases, so does the interest from those looking to attack and exploit those infrastructures.