Banks/Insurance
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) has ordered the removal of three firms from its registry of authorized non-bank financial institutions due to serious and persistent regulatory breaches, including violations of anti-money laundering laws.
In resolutions, the MB approved the cancellation of registrations for Prince Rockwell Money Changer Corporation, Kings Hopewell Group Corp., and World Reliance Trading Corp. These companies had been operating as Money Changers/Foreign Exchange Dealers and Remittance Agents. The cancellations were made pursuant to Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI).
The decision was based on consistent violations of Section 601-N of the MORNBFI in relation to the BSP’s Q Regulations and Republic Act No. 9160 or the Anti-Money Laundering Act of 2001, as amended, along with their respective Deeds of Undertaking.
On May 22, 2025, the MB further issued Resolutions Nos. 519, 519.A, and 519.B, denying with finality the entities’ motions for reconsideration.
The decision signals the BSP’s strengthened enforcement posture in monitoring non-bank financial institutions, emphasizing strict compliance with anti-money laundering (AML) and counter-terrorism financing standards.
