The Bangko Sentral ng Pilipinas has disqualified five unregistered money service businesses and barred their owners from registering any future sole proprietorships with the central bank.
The administrative sanctions penalize foreign exchange and remittance operators in Metro Manila, Pampanga and Davao for conducting operations without central bank registration. Under the Monetary Board resolution, the disqualification applies to both the five named storefronts and any other commercial ventures owned or controlled by their respective operators.
The central bank said the enforcement measure forms part of broader institutional efforts to protect financial consumers and safeguard the integrity of the domestic financial system. (Read More: Illegal Casinos Tried Passing Themselves Off as Bakeries and Salons, Prompting Tighter BSP E-Wallet, QR Ph Rules)
The five disqualified entities and their respective operators are:
- Shara-P Money Changing Services, located on Makati Avenue in Barangay Bel-Air, Makati City, operated by Omar Sakaluran Pedreña.
- JNJ Money Changing Services, located at Makati Central Square along Chino Roces Avenue in Barangay Pio Del Pilar, Makati City, operated by Jabidi Abdulbaki Sakaluran.
- Downtown Money Changer, located in San Vicente, Santa Rita, Pampanga, operated by Maria Benedicta Amanda C. David.
- Ponio Money Changing Services, located on J.P. Rizal Street in Barangay Santa Cruz, Lubao, Pampanga, operated by Rizalin L. Ponio.
- Jamelah-Arham Gift Shop (doing business as Jamelah-Arham Money Changer), located at the Davao International Airport Complex on Diversion Road in Sasa, Davao City, operated by Bokari Panumpang Hadjisalim.
The enforcement action was executed under Circular No. 1206, series of 2024, known as the Consolidated Rules for MSBs under the New Manual of Regulations for Non-Bank Financial Institutions. (Read More: BSP Revokes VASP Crypto License of Coinville, 2nd Canceled License This Quarter)
Circular No. 1206 codified supervisory frameworks, anti-money laundering controls and consumer disclosure rules for remittance transfer companies, money changers, foreign exchange dealers and virtual asset service providers. Under the circular, non-bank entities that operate without central bank authority face administrative blacklisting and permanent disqualification from formal registration.
Disclosure: AI is used to assist in developing this article.
This article is published on BitPinas: BSP Disqualifies Five Unregistered Money Service Businesses, Proprietors
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