In a move to uphold financial regulations, the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) canceled the registration of FIL-Express International Remittance & Delivery Services, Inc. as a licensed money service business (MSB). The cancellation was approved under Resolution No. 1209, dated 16 October 2024, after the company was found in violation of specific provisions outlined in the Manual of Regulations for Non-Bank Financial Institutions, particularly Section 901-N, which governs the operation of money service businesses.
This action effectively halts FIL-Express’s ability to operate as a licensed provider of remittance and money transfer services within the Philippines. The decision underscores the BSP’s commitment to maintaining the integrity and security of the financial system, ensuring that businesses in the sector adhere to stringent regulatory standards.
FIL-Express’s breach of regulatory requirements has raised concerns over the company’s compliance practices, and the BSP emphasized that it will continue to closely monitor the activities of all financial entities to safeguard against potential risks to the financial sector.
The BSP’s move also serves as a reminder of its ongoing efforts to strengthen anti-money laundering measures and ensure that remittance services are operating within the bounds of the law.
