BSP shuts down two more money changers for AMLA violations

Bank regulators revoked the licenses of two more money changers reportedly caught violating Philippine law against “dusty money.”

In a press statement, the Bangko Sentral ng Pilipinas (BSP) said its Monetary Board cancelled the certificates of registration of Edzen Enterprises and World Wide Money Changer.

Both firms are sole proprietorships whose permits as remittance agent and foreign exchange dealers and money changers were cancelled.

Zenaida Artuz  is the owner of Edzen Enterprises while Elliot Artuz  is the proprietor of World Wide Money Changer.

“The cancellation was due to significant violations of their deeds of undertaking, specifically on the commitment to strictly comply with Anti-Money Laundering Act (AMLA), as amended, and its revised implementing rules and regulations; and the minimum procedures on the sale and purchase of foreign currencies by money changers and foreign exchange dealers and the transactional requirements for large value payouts,” the BSP said.

Since 2016, the central bank has been cancelling the licenses of several money changers for various violations of money laundering rules, including know-your-customer rules.

The crackdown follows the controversial $81-million Bangladesh Bank cyberheist in 2016.

The Bangladeshi central bank’s funds were stolen from its bank accounts in the US and sent to the Rizal Commercial Banking Corp. in the Philippines.

READ: Regulator comes down hard on RCBC

The funds were exchanged into Philippine currency through Philrem money changer, which has already been shuttered./vvp

READ: Unsolved heist of Bangladesh funds