The Regional Trial Court of Mandaluyong City has convicted the owner and operator of Zhenrihada Money Changing Services for violating central bank regulations.
The money changer violated Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) of the Bangko Sentral ng Pilipinas (BSP), which is punishable under Section 36 of Republic Act 7653 or The New Central Bank Act.
The criminal case arose from a complaint filed by the BSP with the Department of Justice due to the failure of Tadzmahal Biste Andag to register Zhenrihada as a money service business (MSB) with the BSP prior to its operations.
The accused pleaded guilty as charged for violation of the relevant provisions of the MORNBFI.
The court sentenced Andag to pay a fine of P50,000, with subsidiary imprisonment in case of non-payment.
The BSP ensures the compliance of banks and other regulated financial institutions with existing laws, rules, and regulations. This helps assure the soundness of the financial system and protect the interest of the general public.
