The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has disqualified four entities from registering or obtaining a license to operate under its supervision after they were found operating as Money Service Businesses (MSBs) without prior BSP registration.
The disqualified businesses — Hanie Money Changing Services, Jonathan Sanoy Money Changer, Czasha Money Changer, and Rajahs Money Changer — along with their respective owners or operators, are now permanently barred from engaging in BSP-supervised financial activities. The sanctions were imposed under Section 901-N of the BSP’s Manual of Regulations for Non-Bank Financial Institutions.
The BSP emphasized that the move is part of its broader initiative to curb the proliferation of unregistered MSBs, which pose risks to monetary policy implementation and financial stability. Unauthorized MSBs can facilitate unregulated fund flows and undermine efforts to maintain the integrity of the country’s financial system, particularly in combating money laundering and financing of terrorism.
This enforcement action signals the central bank’s continuing commitment to strengthening regulatory oversight in line with its mandate to ensure a sound and stable monetary and financial environment.
