The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) on Monday came down hard on a number of enterprises who conducted business without first obtaining a license.
According to the BSP, the offending entities are disqualified from any sole proprietorship owned and/or controlled by their respective owners/operators from registering with the regulator to operate as money service business (MSB) entities.
The barred entities who tried but failed to circumvent BSP regulation include Bontoy Money Changer operating out of Arnaiz Avenue in Makati, Nurul Money Changing Services in Pasay City, Globexmc Foreign Exchange Services also in Makati, J-Mar Foreign Exchange Service along Makati Avenue, Money Changer operating out of Gen. Hizon Avenue in San Fernando City, Pampanga and the Mariada Money Exchange Services which operates at the ground floor of the E-Hotel along Arnaiz Avenue in Makati.
These entities are owned by the following persons who are now barred from operating any more MSBs down the line: Mohammad S. Sauti, Yasser H. Pacundo, Shelly Mohammad Tillah, Fahadmajiel Sakaluran, Mary Grace S. Santos and Rauf Haroun Mohammad.
