BSP cancels license of PCO Foreign Exchange Center

Bank regulators have cancelled the certificate of registration of PCO Foreign Exchange Center as an accredited foreign exchange dealer and money changer due to “significant violations” that included “non-compliance” with the Anti-Money Laundering Act.

In a press statement issued on Thursday, the Bangko Sentral ng Pilipinas (BSP) said its policy making Monetary Board also acted because of the firm’s violation of its commitment to comply with all requirements, rules, and regulations of the central bank regarding the registration and operations of so-called “money service businesses”.

These violations of Sections 4104N and 4511N of the Manual of Regulations for Non-Bank Financial Institutions also included the failure of the firm to notify regulators of the transfer of its place of business, and operating outside the registered place of business.