The money service business (MSB) of a Boholano and a Negrense were the subject of an irate Bangko Sentral ng Pilipinas (BSP) which has proceeded to ban them and any of their representatives from doing any more business with the public.
Those banned were Kidlat Fast Cash Inc. that operates out of the Rusi Building, Sta. Rosa Street, Poblacion, in Dumaguete City which is owned by the Ramas-Uypitching family and Tong’s Money Changer operating out of Tangnan, Panglao, Bohol whose owner was identified by the BSP as Jered Jane Yap.
“The Monetary Board has disqualified the entities listed below and any sole proprietorship owned and/or controlled by their respective owners/operators from registering with, and/or obtaining a license from the BSP to engage in any activity that is authorized or supervised by the BSP for operating as MSB without prior BSP registration,” the policy-making body of the BSP said on Tuesday.
Their closure and subsequent banning arose from their violation of Section 901-N of the manual of regulations for non-bank financial institutions, which prohibits the operation of MSBs without prior BSP registration.
According to the BSP, the operation of unregistered MSBs has proliferated in recent months, in part because its push for the digitalization of transactions in the country has encouraged those who wish to take ill advantage of the still developing landscape.
