BSP halts business of another money remittance firm
MANILA, Philippines — The country’s monetary authorities have cancelled the registration of Nikko Foreign Exchange (Nikko FX), marking the third money service business that had its papers voided this year.
In a statement on Thursday, the Bangko Sentral ng Pilipinas (BSP) said the Monetary Board, the highest policy-setting body, cancelled the money service business (MSB) registration of the company to operate as a remittance company (RTC) with money changing (MC) and foreign exchange transactions (FXD).
The BSP cited Resolution No. 1571A dated Oct 27, 2022 as the basis of the order.
Further, the Monetary Board, in its Resolution No. 407 dated April 8, 2024, denied with finality “the request for reconsideration of Nikko FX on the cancellation of its MSB registration to operate as RTC/MC/FXD,” the BSP said in a statement.
The central bank cited “significant and recurring violations” of rules covering non-bank financial institutions, as well as “violations of the executed deed of undertaking” as reasons for the cancellation.
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Last April, the BSP also cancelled the registration of Nikko Mart after it was found to have seriously violated Republic Act No. 9160, more commonly known as The Anti-Money Laundering Act of 2001.
The Monetary Board approved the cancellation through a resolution dated July 13, 2023.
The BSP also cancelled the certificate of registration of Atomtrans Tech Corp. to operate as a remittance and transfer company with Type “A” remittance agent with a virtual currency exchange service.
